On January 18th, on-chain data revealed an interesting trading signal. This well-known whale, who previously sold 255 BTC, has recently been very active in the derivatives market—opening a 5x short position on DASH and a 10x long position on DOGE. However, these new positions are only part of its massive asset portfolio, with the whale currently maintaining substantial long positions in BTC, ETH, and SOL, totaling approximately $457 million. The only downside is that these main positions have recently unrealized losses of $3.3 million. It seems that even experienced whales are under market volatility pressure. This move may reflect a certain judgment by large on-chain holders about the current market structure—being bearish on some smaller coins while maintaining confidence in mainstream ecosystems. It is worth closely monitoring the next moves of these leading players.