Industry monitoring data shows that January 9th experienced significant market volatility. When BTC briefly dropped below the $90,000 mark, a widely watched whale address (0x94d) responded quickly — closing four long positions immediately afterward.

The actions of this address are quite interesting. Within one hour, it closed positions totaling $170 million. Its total holdings shrank from the original $352 million to $180 million.

Specifically, on the long side of BTC, the position was cut from $137 million to $31.27 million, with an average price around $90,100; ETH longs also fared poorly, retreating from $137 million to $100 million, with an average price of $3,092.

Even more interesting is the identity of this address. It only started building positions in December last year, with an initial account size of about $20 million. It then gradually increased holdings in mainstream coins like BTC and ETH. But note — it only opened short positions. This is completely opposite to strategies of listed companies that continuously buy large amounts of BTC, so the market nicknamed it "On-chain Opponent." This recent reduction in positions further confirms this role.