#密码资产动态追踪 The on-chain moves this time are really explosive! Major players are collectively changing their strategies.

Tonight's market scene can be described as a real-time live broadcast of big players' operations — from shifting from short to long positions, reducing holdings to protect capital, to aggressive bottom-fishing, all reflecting true "market sentiment."

First, let's talk about those with losses. A major player holding a long ETH position directly cut it, losing $2.536 million. Not only that, the BTC long was also reduced, seemingly fearing further decline and locking in losses. Even more dramatic, someone holding an ETH position worth $15.53 million finally stopped out, losing $6.16 million. The decisiveness to cut losses like this is truly much tougher than many retail traders.

On the other side, there are veteran traders making opposite moves. The big player long on PEPE closed their short positions and made $963,000, then immediately threw in $8.7 million with 3x leverage to go long. It’s like betting all the profits on the new market trend — this quick switch in positions is very fast.

Shorts are also active. The trader who made over $20 million from a swing trade started gradually closing their short positions on HYPE and XPL, locking in profits. Even more extreme, someone directly switched from short to long, using 3x leverage to create a long position of 20,000 ETH, essentially betting on a rise.

The overall logic of the market is quite clear: big players now have one main idea — either quickly close losing positions to reduce risk exposure, or if they've made enough profit, immediately switch to new opportunities. The core principle is "don’t stubbornly hold, adjust quickly."

This is also a reminder for all retail traders. During such volatile times, even on-chain big players are strictly managing risk and repeatedly adjusting their strategies. As ordinary participants, sticking stubbornly to one direction really needs to change.