On-chain data has revealed a noteworthy signal. A whale wallet (starting with 0x61C) has recently employed an interesting strategy: simultaneously taking out over $36 million in long positions on BTC while opening nearly equivalent short positions on ETH, SOL, and AVAX, among other mainstream altcoins. The total position size exceeds $73 million.

This is not simply bullish or bearish. Essentially, it is executing a "strong BTC, weak altcoins" structural hedge strategy. Long and short positions work together, with a clear logic.

The market is increasingly showing signs of transitioning from a broad rally to a structural divergence. After the approval of Bitcoin spot ETFs, capital faces a choice: "all up" or "all down," no longer an either/or. The big players' intention seems to be: continue betting on BTC's independent upward trend while recognizing that some overheated altcoins may face correction pressure. Such hedging layouts often indicate that major players are preparing for market rotation.

Next, two dimensions need close observation. First, whether BTC can maintain its upward momentum and continue to lead. Second, whether there are obvious signs of capital outflows from main cryptocurrencies like ETH. Once these two signals are confirmed, the market rhythm will enter a new phase.

On-chain data does not lie. When this level of capital begins structural game-playing, it usually signals market segmentation and reorganization. Short-term volatility is inevitable, but the key is to understand the direction of big capital and adjust strategies accordingly. Stay observant and let the data speak.