#Strategy加仓BTC On-chain whales' actions have once again become a market indicator. Data from January 18th shows that a veteran player in the BTC ecosystem is betting on the trend with real money — the total long position size has reached approximately $910 million.

Breaking it down, the distribution of this money is quite interesting: $ETH longs make up the majority, with a position of $741 million, and an unrealized profit of $35.14 million; on the $BTC side, $95.12 million, with only $3.61 million in profit (which seems a bit strained); $SOL, although with the smallest position at $72.73 million, has the most stable per-unit return, with an unrealized profit of $6.14 million.

What’s more painful is the funding fee — already over $7.5 million paid in total. This is no small amount. High leverage combined with continuous bleeding from funding fees essentially means using cost to bet on the trend, gambling on whether the subsequent market can continue to deliver returns. The unrealized profit has dropped from over $60 million to now $44.9 million, clearly indicating that recent market performance hasn't been very strong.

Currently, there is only one point to watch — whether the trend can continue upward; otherwise, this large bet is really just burning money.