Recently, on-chain data shows that under the pressure of a short-term correction in BTC, a well-known large holder address has gradually reduced its position by over 80 million USD. This address has attracted attention due to its holding strategy, which is notably opposite to that of MicroStrategy, and is often referred to by the market as a "hedge position."

Based on the current scale of holdings, this address's long positions in BTC and ETH have shrunk to approximately 270 million USD. More notably, according to cost basis calculations, this position is currently in a significant loss. Such large-scale closing actions often reflect market participants' cautious attitude toward short-term trends—whether in risk management or in re-evaluating price directions.

Of course, the change in holdings of a single address is just one dimension among many market forces, but such whale-level position adjustments can often reveal some interesting market signals. For investors, paying attention to the movements of these large holders can help understand market sentiment shifts and the new patterns of capital battles.