According to Mars Finance news, during Thanksgiving, a rare situation of long and short whale counterparties appeared in the BTC market, as observed by 4E. Lookonchain monitoring shows that whale 0x0ddf9 opened a 3x short order of BTC at $89,765.6, with a scale of $91 million (1,000 BTC), currently with unrealized losses of about $1.16 million; meanwhile, new wallet 0x2c26 opened a 20x long order at $90,278.7, with a scale of $51.4 million (563.68 BTC), currently with unrealized gains of about $524,000. The high-leverage hedging between long and short orders has laid the groundwork for volatility during the holiday period. The on-chain funding situation remains active. OnchainLens shows that Bitmine purchased 14,618 ETH from BitGo, with a total value of $44.34 million, continuing the trend of institutional asset allocation leaning towards ETH. The BTC reserve side has also strengthened—data indicates that the top 100 listed treasury holdings include 1,058,581 BTC, with 9 increasing their holdings and only 1 decreasing in the past 7 days, indicating that long-term funds continue to accumulate steadily. The investment side, however, has shown structural differentiation. According to SolanaFloor monitoring, the Solana ETF ended the continuous net inflow of 22 days, with a first net outflow of $8.2 million yesterday; among them, 21Shares saw a significant outflow, while Bitwise still had a net inflow of $13.3 million. Signs of mainline fund rotation have strengthened, and investors' short-term risk preferences remain in a state of repeated game. 4E reminds investors: the increase in BTC whale positions enhances short-term volatility intensity, and the ETF fund structure and stablecoin regulatory progress will become key observation points for market sentiment adjustment in the future. Prioritize stable positions; rhythm is more important than direction.
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