#美联储回购协议计划 The bets of on-chain giants are becoming interesting. A seasoned player in the Bitcoin ecosystem is currently holding onto $7.179 billion worth of BTC and Ethereum long positions. The account has already unrealized losses exceeding $53 million and is still being eaten away by funding rates, losing another $2.61 million. Despite this situation, this major holder remains steadfast.

$BTC $ETH $SOL

What does this reflect? There are always some people in the market whose holding logic is not based on short-term fluctuations but on a firm judgment of long-term value. An unrealized loss of over 50 million dollars is not a problem for such a level of player—either they have a clear expectation of the subsequent market trend or they treat this money as strategic reserves. Continuous outflow of funding rates is common in bear markets, but major holders who hold firm often end up smiling last.

From a market structure perspective, the existence of such steadfast holders itself is a signal. They vote with real money, expressing confidence in the medium- and long-term prospects of mainstream assets like Bitcoin and Ethereum. Of course, when to cut losses or add positions depends on how the macro environment unfolds—these factors will influence the overall supply and demand relationship and sentiment in the crypto market.