XNY has recently surged nearly 61% in the past 24 hours, which looks impressive. However, a closer look at the whale movements on the chain suggests that the situation might not be as optimistic as it seems.

Currently, there are as many as 61 short whales holding XNY, with a total position value of 0.94M, while only 29 long whales are holding, with a position of just 0.56M. In terms of quantity and volume, shorts have a clear advantage. Interestingly, the unrealized profit and loss of these 61 short whales are basically flat, indicating that they likely built their positions at higher prices but chose not to close their positions despite this wave of increase.

On the other hand, the long camp is a bit awkward. Although there are far fewer long whales, their average opening price has reached 0.0052, and they are still in floating loss. This suggests that the timing for long whales to enter the market is not ideal.

Overall, this situation actually contains several risk signals: the number of longs is small and still in loss, while the number of shorts is large and flat—this usually indicates that market participants have divergent expectations, and there may even be significant disagreements. The funding rate is currently relatively stable, but considering the structural characteristics of whale holdings, there may be underlying adjustment pressures behind the rapid rise. Caution is still necessary, and we should not be overly optimistic.