Recently, on-chain activity has been quite interesting, and the actions of a few large holders reveal many clues. As an experienced trader, I never just focus on K-line charts; the whale's rebalancing moves are the true pulse of the market. Today's long-short battle looks fierce on the surface but is actually turbulent beneath the surface, and it’s worth dissecting.

Let's start with the bullish side. There is a whale who is reducing their BTC long positions while simultaneously opening 20x leverage longs—sounds contradictory, right? But it’s not. This indicates that in the short term, they are cautious, but their confidence in BTC remains unchanged. They are just afraid of missing out, so they are pushing high leverage. Another whale closed over $200,000 in profit—that's not a bearish signal, just taking profits when the time is right, waiting for the next rhythm. The most interesting is a whale who withdrew $80 million to secure profits and close positions—this guy is scared, genuinely worried about a pullback. Ironically, this kind of retreat actually makes the market shakeout healthier.

Now, on the bearish side. The "20 million dollar swing trader" is aggressively increasing short positions on altcoins, not letting go of BNB and DOGE—already with floating profits of over $7 million. This shows that altcoins have been under significant pressure recently, even whales are betting on a correction. As for the one called "30 failed long attempts but keeps trying," the name itself is funny. They reversed and opened short positions on BTC and rolled over positions—obviously emotional trading, trying to recover from previous heavy losses. But such counter-moves often end badly.

Looking at it together, the divergence between bulls and bears is indeed significant, but don’t be fooled. Mainstream coins, especially BTC, the confidence of the bullish whales has not collapsed. Reducing positions is a risk control measure; adding leverage is their real attitude.