Market monitoring data shows that around 12:40 PM on January 9, a large investor's strategy experienced a reversal. The account had previously established a 20x leveraged short position of 397.98 BTC (approximately $36.22 million), then quickly shifted gears to a 14x leveraged long position of 4,383.15 ETH (about $13.67 million).

From the operation perspective, this large investor used BTC shorts and ETH longs to form a hedging structure, attempting to lock in risk through positions in two directions — a typical professional hedging approach. However, based on the real-time account status, the overall position is currently at a small floating loss. The total leveraged exposure exceeds $50 million, indicating a clear judgment on the recent market trend, but the implementation has not yet been ideal. Operations like these by large investors often reflect changes in market participants' risk appetite and are worth continuous attention for subsequent developments.