On-chain monitoring has detected an interesting data trend. A major whale wallet (0x9eec9) holds a total of $248 million in altcoin long positions, currently experiencing an unrealized loss of over $28 million, with total funding payments reaching more than $3 million. During the same period, long positions in ETH and XRP are also in loss, with only HYPE showing some positive returns.

From a purely data perspective, this indeed reflects the recent market volatility. Large funds holding such a scale of unrealized losses are still unwilling to close their positions, which in itself indicates that—the market is undergoing a relatively aggressive shakeout. Many leveraged traders and emotionally fragile retail investors may have already been shaken out.

Even more interestingly, this whale previously took an opposite position to CZ’s holdings. Now, switching to long positions has resulted in losses, indirectly confirming that market sentiment has become extremely polarized. Even those usually considered "smart" big funds have fallen into traps during this round of market movement.

But looking at it from another angle, isn’t this also a signal? During the deepest panic, it’s often the best opportunity. Short-term volatility is mainly the market shedding participants with unhealthy position structures and poor psychological resilience. Although this process can be uncomfortable, it is beneficial for the long-term health of the market.

From the current fundamentals, the overall trend of the crypto market remains upward. The decline in mainstream assets like ETH and XRP actually presents a good entry point. Whale losses do not mean the trend is broken; instead, they may indicate that large funds are accumulating at low levels. There are likely many hidden supports at this position.

Pullbacks are normal and healthy. Rather than being disturbed by short-term noise, it’s better to hold core assets and wait for the next profit window—there’s still plenty of room. Remember: the market always brews in despair. By grasping the trend and holding onto your chips, the pullback is your entry point.