Gate on-chain observation (November 10): "Insider whale 1011" has a long position with a floating profit of $7.2 million on $140 million; bankrupt whale James Wynn suffers "eight consecutive losses."

Over the past 24 hours, the cryptocurrency market has generally rebounded under macro positive stimuli, with Ethereum breaking through the $3,600 mark to lead the rally. On-chain data shows that institutional investors and whales are engaged in intense long-short battles on Ethereum: the “Insider Whale 1011” with $140 million long positions has seen unrealized profits increase to $7.2 million, “Brother Maji” with long positions has unrealized gains exceeding $1.09 million, while the “100% Win Rate Whale” re-entered long positions with 25x leverage after experiencing a $44.67 million loss.

Meanwhile, the “Calm Order King” achieved an unrealized profit of $6.7 million through precise bottom fishing, demonstrating significant success with diversified positioning strategies. The core market conflict currently lies between highly leveraged chasing funds and rational allocation funds, warning investors to be cautious of the fragility of extreme leverage strategies amid increased volatility.

BTC Market Dynamics and Analysis

Bitcoin’s on-chain long-short battle shows divergence, with some high-leverage shorts facing sustained pressure. Regarding the battle, the bankrupt whale James Wynn recently suffered eight consecutive losses, with total losses exceeding $190,000. His 40x leveraged Bitcoin short position is currently at a floating loss of $11,500, with a liquidation price of $106,843.75, indicating high risk. The address has previously experienced partial liquidations, with remaining positions worth $2 million.

The movement of “Smart Money” presents a contrasting picture. Since the “Calm Order King” bottomed out with longs on November 5, Bitcoin longs now have a floating profit of $1.09 million (95%), with a position size of $22.88 million, opened at an average price of $10,350. The trader turned $3 million into over $28 million in two months, attracting market attention for their precise timing.

In contrast, whale address 0x7b7 suffered a painful lesson. Three days ago, they transferred $7 million USDC to short Bitcoin, with a maximum short of 2,222 BTC (worth $226 million). After multiple stop-outs, the account now has only $560,000 remaining, with current short positions of 300 BTC (worth $31.87 million), highlighting the significant risks of high-leverage contrarian trading.

ETH Market Dynamics and Analysis

Ethereum on-chain activity is dominated by whale long positions, with market sentiment turning notably optimistic. Regarding whale behavior, “Brother Maji” Huang Licheng has recently become more cautious, reducing his 25x leveraged ETH long position to $20.22 million, with an unrealized profit of $946,000, entry at $3,365.5. Another long position of approximately 4,500 ETH is floating over $1.09 million in profit, with an entry at $3,392.76.

The “100% Win Rate Whale” re-entered after a significant retracement, with all their 25x leveraged ETH longs filled, totaling $15.19 million at an entry price of $3,614.97, with a liquidation price of $3,545.14. Since transferring $10 million on October 14, they achieved a profit of $15.83 million, with the account value once exceeding $57 million. However, during late October and early November, heavy long positions led to a $44.67 million loss, shrinking the account to $595,000—about 94% below the initial capital.

Long-term holders show activity as well. A whale who bottomed ETH after the October 11 crash nearly broke even but chose to cash out, selling 6,028 ETH for $22.26 million USDC, incurring a slight loss of $320,000. This address bought ETH at $3,638 on the crash day and exited at $3,587, reflecting some investors’ desire to realize gains after recovering.

On the ecosystem level, the “BTC OG Whale” holding 40,000 ETH is currently floating over $6 million in profit, with an entry at $3,445.58, indicating continued institutional confidence in Ethereum.

Other Altcoin Market Dynamics and Analysis

Public Chain Ecosystem

ZEC continues to show active bullish positioning. Whale address “0x089f” opened a 10x long position worth $4.5 million at an entry price of $593.17, and set a limit buy order at $508.5 for $3.5 million, awaiting execution. Another whale closed a position after opening a $12.12 million long at $509.5, earning $1.25 million, indicating short-term trading opportunities driven by ZEC’s volatility.

SOL, representing the public chain sector, performs strongly. The “Calm Order King” holds a SOL long with an unrealized profit of $1.67 million (157%), with a position size of $21.25 million, opened at an average price of $153, reflecting continued allocation by smart funds into the public chain sector.

DeFi and RWA Sectors

LINK shows signs of institutional inflows. Over the past three days, two addresses, 0x630 and 0x3DA, withdrew a total of 185,000 LINK (~$2.9 million) from exchanges, buying at an average price of around $15.5, indicating long-term bullish intent.

UNI also attracts smart money. The “Calm Order King” holds a UNI long with an unrealized profit of $1.07 million (240%), with a position size of $4.45 million, opened at $5.02, demonstrating strong performance among DeFi blue chips during the rebound.

Meme Coins and Specific Projects

CZ’s public donation address has burned approximately $490,000 worth of meme tokens, including quq ($305,000), SIREN ($142,000), and BNBCARD ($43,000), after seven months. Such burns help reduce market selling pressure, but overall capital inflow into meme tokens remains limited.

Market Overview and Trend Outlook

Overall, the market is currently in a phase of rising risk appetite coupled with accumulating leverage risks. Ethereum leads the rebound driven by macro positives, with multiple whales showing significant unrealized gains. However, the extreme retracement of the “100% Win Rate Whale” warns of the fragility of high-leverage strategies. Bitcoin shows a divergence between steady profits of smart money and frequent stop-outs of speculative traders. Altcoin capital is increasingly flowing into projects with solid fundamentals and institutional backing.

In terms of trend outlook for the next 1-3 days, focus should be on:

• ETH support around $3,545; a break below may trigger liquidations of “100% Win Rate Whale” and other longs;
• BTC must hold above $103,000; key resistance at $107,000 where short liquidations could be triggered;
• ZEC’s battle between $500 and $600 will influence overall altcoin sentiment;
• Watch for position changes by “Calm Order King” and similar prudent traders, as profit-taking may signal a short-term top.

Conclusion

On-chain data vividly depicts the landscape of market participants: on one side, precise hunters like the “Calm Order King” steadily accumulate through disciplined risk management and diversified positioning; on the other, tragic heroes like the “100% Win Rate Whale” experience rapid shifts from paradise to hell under leverage. As market sentiment swings between greed and fear, true wisdom lies in building resilient strategies capable of enduring cycles. In this deep-water whale game, only those who stay calm and manage risks strictly will survive to the end.