On-chain data shows that a well-known trader has recently adopted an extremely aggressive trading strategy in the market, involving heavy positions across multiple cryptocurrencies, which has attracted widespread attention.

Based on their holdings, they have opened a 40x leveraged long position on Bitcoin, currently facing a $23 million gap to break even. Meanwhile, the trader has shown an unusually optimistic attitude towards HYPE—adding 7,000 tokens rapidly within the past hour alone, with a total position exceeding $17 million. Regarding other cryptocurrencies, ZEC has been set up with a 10x leveraged long position, and the ETH long position amounts to $15.82 million (currently with a floating profit of $220,000), while they also hold a $970,000 position in BTC longs.

What signals do these operational configurations reveal? On one hand, the trader has realized some profits through market rebounds, which seems to indicate an optimistic outlook for the subsequent market trend. On the other hand, using 40x leverage on Bitcoin is an extreme move—cryptocurrency market volatility is well-known to be significant, and any downward shock could trigger a liquidation instantly. The $23 million breakeven gap means the entire position needs a substantial upward movement to find an exit.

The aggressive actions of market participants often serve as a barometer of market sentiment. Do the movements of these whales signal the arrival of a new upward trend? Or are they just short-term impulses? This is a question worth pondering.