A major player on a leading derivatives platform was very active yesterday. This trader first transferred in 35.5 million USDC, then continuously increased their long position in BTC. By 2 a.m. today, they had accumulated a total of 3,846 BTC, worth approximately $350 million, with an average opening price around $92,096. It sounded like a good plan, but the market didn't follow the script. BTC then started to retrace, and by morning, this trader couldn't hold on anymore. They closed their position at an average price of $91,158, taking a loss of $3.8 million. Afterwards, they withdrew the remaining 31.7 million USDC from the platform, ending the trading session. Interestingly, this trader previously made a significant profit from ETH swing trading—according to on-chain data, they accumulated over $96.67 million in profits from multiple swing trades. This time, the failure of the BTC long position is a common story in the crypto world: even big players are not immune to market volatility.

BTC market trends once again draw attention. The Federal Reserve recently proposed to adjust banking regulation thresholds and crack down on so-called "unsafe" behaviors. This move has led the market to consider: Is the regulatory approach of the financial system tightening or is there a deeper intention? Crypto traders are well aware that the connection between the traditional banking system and the crypto market has never been broken. Whenever regulatory policies change, on-chain fund flows and trading sentiment tend to fluctuate accordingly. Does this policy shift by the Federal Reserve signal a loosening of the policy environment, or is it a prelude to stricter suppression? It's hard to say definitively at this moment. Storm clouds are gathering. The market has already begun to observe signals, and investors are waiting for specific details of policy implementation. In the short term, BTC and the entire crypto sector should closely monitor this development.

A series of large on-chain transfer activities have recently appeared, and a team supported by a prominent political figure seems to be increasing their crypto asset sell-off. According to on-chain data tracking, the deployment address of the WLFI token transferred 2,400 WLFI tokens to a major exchange, equivalent to approximately $4.14 million USD. Meanwhile, the team withdrew 162 Bitcoin from the AAVE protocol, with 200 BTC converted into Ethereum. More notably, this team has deposited 400,000 tokens into Binance over the past period, with a total value of about $2.25 million USD. This series of actions sends a clear signal—the team is cautious about the recent and mid-term market trends and is actively reducing risk exposure. From the pace of BTC outflows, this is not casual retail trading but planned, large-scale liquidity management. Such large transfers often impact market sentiment and are worth close investor attention.