#大户持仓变化 Recently, I observed an interesting market phenomenon and I want to share it with everyone.

Do you remember the sharp fluctuation on October 11th? After a significant drop, some voices in the community suggested that a large holder was hedging with short positions. This sounds like a story of "insider trading." But when you dig into the data, things are often not that simple—within the same account, there are actually sizable long positions hidden as well.

From the weekly observation in mid-December, just to maintain these long positions, the funding costs burned through over $1 million (the exact figure is $1.016 million). Guess where this money went? $ETH ’s positions accounted for the vast majority—over 90%.

What does this reflect? The complexity of the market often exceeds expectations. Superficially, strategies that appear to profit from information asymmetry in the short term (such as shorting a certain direction) are actually under immense holding pressure on another dimension. Going long eats into profits, while risk is amplified through leverage.

With the market trend so volatile, the decision-making approaches of market participants have become increasingly diverse. Sometimes, making or losing money isn’t just about how accurate the directional judgment is, but about whether cost control and risk balancing are sufficiently meticulous.

$NIGHT —These assets have also recently undergone market testing. Interested friends can follow the position changes themselves.