On-chain active addresses are showing big movements again. Yesterday at around 10:35 AM, a whale address closed its BTC long position—$12.85 million worth—after holding it for only 11 hours, choosing to cut losses and incurring a loss of $147,000. Such quick stop-loss actions are indeed quite heartbreaking.

What's more interesting is that after this liquidation, the address no longer holds any other positions. It seems that this whale is currently planning to wait and see for a while and not make any moves for now. This type of operation is quite common on the chain, as some large holders quickly adjust their positions based on subtle market changes. The fluctuations in BTC during this period clearly did not follow the trader’s expectations, and they ultimately had to cut losses and exit. Many traders are paying attention to the movements of these whales, as their decisions can sometimes reflect certain market signals.