Today’s rally in the crypto market must be said to be truly explosive. Mainstream coins are collectively in the green, with continuous inflows of buy orders, and bullish sentiment has reached its peak. But amidst this celebration, I noticed something unusual—a lone whale is taking action against the trend, holding a $84 million perpetual short position and directly challenging the entire upward movement.

According to on-chain data, this whale’s trading style is quite aggressive: the $84 million position is completely concentrated, all in on two mainstream coins, a classic all-in approach.

First, let’s talk about ETH. The short position amounts to $56.4 million, with the entry price locked at $3,020. But now ETH has surged to $3,338, and this position is already showing an unrealized loss of over $5.36 million. Looking at BTC, a $27.4 million short was entered at $91,778, and currently BTC is hovering around $95,225. This position is nearly $1 million in unrealized loss. Combining both, the total unrealized loss has reached $6.37 million and continues to grow as the market rises.

This bleeding rate is already the psychological limit for ordinary retail investors, but this whale still withstands the pressure. From the firmness of on-chain holdings, it seems he is betting on a correction at a key market level. However, in this all-around upward trend, funds operating in the opposite direction are often the most worth warning—because if their judgment is wrong, stop-losses could trigger chain reactions. Market participants need to closely monitor the movements of such large positions, as they often serve as signals for a market turning point.