Today’s on-chain data is freshly released, and I’m here to give you a detailed analysis. Recently, the movements of the whales have been particularly interesting — they’re clearly hitting the brakes, and this kind of cautious attitude often hints that the market is about to make a big move.

First, let’s look at the bullish side. One whale directly invested 8 million USD into 11 altcoins, pushing their positions up to 13.76 million, showing a lot of courage. At the same time, Jez is using 20x leverage to aggressively attack BTC, ETH, and SOL, clearly indicating an aggressive bullish stance.

The bears are not idle either. An experienced trader who has been "long-to-short" closed over 70 million USD worth of short positions, making about 140,000 USD profit before deciding to take profits, reflecting caution towards risk. However, another seasoned player, "Battle-Hardened," is shorting SOL with only 3x leverage, which at least shows that the bears are not backing down.

Combining these signals, the market now resembles a tug-of-war between two forces — bulls and bears — with the short-term direction indeed unclear. But based on years of market observation, when whales are in a wait-and-see mode, it’s usually not out of fear but because they’re brewing for a breakout. The bulls’ aggressive leverage indicates real capital betting on a rebound; the bears taking profits and exiting suggest internal uncertainty. Plus, considering the recent macro sentiment has improved, I tend to believe that in the short term, the market will continue to oscillate and shake out, but looking at a longer timeframe, the upside seems more likely, with altcoins possibly moving first.

The core logic of trading is to speak with data, not to gamble based on feelings. The key indicators I’ve been tracking haven’t yet given a definitive signal, but my medium-term outlook remains unchanged: hold your spot positions and don’t be scared out by short-term volatility. Stay in sync with the rhythm, and let’s wait together for this opportunity.