This morning's on-chain data once again tells an interesting story. Monitoring data from a leading exchange shows that a whale, famous for its "lightning reverse" moves, has cut some of its ETH long positions. The account's unrealized loss has reached $5.7 million.

Looking at its trading activity: on January 5th, it closed its BTC short and turned to long; this morning, it reduced its ETH short, resulting in a loss of $578,000. Currently, this whale is still holding a 20x leveraged BTC long and a 14x leveraged ETH long, both in unrealized loss.

What does this reflect? It doesn't mean the trader's skills are poor, but rather that short-term market sentiment has become extremely tense. High-leverage traders are repeatedly being liquidated in such volatile swings. Large on-chain liquidation warnings flash frequently, volatility suddenly spikes, and many can't hold their positions.

But my view remains unchanged: short-term fluctuations are essentially high-leverage liquidations, which do not alter the long-term trend. The whale's every move just confirms that we are still in a phase of chip exchange, far from a trend reversal. Seeing it turn to long indicates that the big players are still bullish at heart, only being shaken by volatility on high leverage.

My strategy has always been simple:

**Don't use too much leverage** — there's no need to dance at 20x. Leverage within 5x gives a chance for compound growth.

**Gradually build positions at key levels** — BTC around 92k-93k, ETH around 3250-3300, are strong supports. Don't try to catch the bottom in one shot; buy in parts, continue adding on dips, and prioritize position management.

**Hold your spot positions firmly** — the bull market isn't over yet. On-chain ETF capital flows and ecosystem narratives are still fermenting. Don't get shaken out by volatility.

It's pointless to panic when whales are losing money. Trading ultimately is about who can survive longer. The spot and long positions I set at low levels earlier have indeed seen some profit retracement, but I remain calm—it's all within my strategy. The more intense the market shakeout, the stronger the subsequent upward momentum tends to be. Stick to your plan and be patient.