Last night, Bitcoin dangerously dipped below $92,000. Why are the major whales still so calm?

Last night, Bitcoin dangerously fell below $92,000, and the market was filled with cries of despair. But while retail investors panicked and cut losses, the true “whales” were using hundreds of millions of dollars to stage a silent game of chess.
Their position movements are no longer simply bullish or bearish, but reveal the “ultimate code” for the next explosive rally.
1. Whale showdown: An $870 million “silent confrontation”
When the screen is flooded with red, most see only a decline. But on-chain data reveals a fierce tug-of-war between bulls and bears.
· “The confidence of the stabilizer”: The address known as “BTC OG insider whale” holds $874 million in assets and remains unmoved during the plunge. It is the largest long position in ETH and SOL, with an average cost of only $3,161. Despite significant unrealized gains retreating, it remains calm—this silence itself is a strong bullish signal.
· “Stubborn dead longs”: Another major player, “CZ opponent,” has an overall unrealized loss of $12 million, mainly due to being heavily long XRP and caught in a trap. But it remains the second-largest ETH long and refuses to close out. The whale’s “loss” may just be part of its strategic layout, waiting for a bigger reversal.
2. Short squeeze: Profits exceeding $110 million from “precise hunting”
Contrasting the steadfast longs, another group of sharp-sensed whales has already shifted their guns and is perfectly closing positions during the crash.
· “The short commander’s victory”: The address labeled “Shanzhai Air Force Leader” has earned $80 million this year. Last night, it calmly closed short positions on PUMP and others, expanding its unrealized profit to $11.05 million. It specializes in shorting Solana ecosystem tokens and Meme coins, earning the nickname “Shanzhai Coin Killer.”
· “Extreme counterattack”: More aggressive moves come from “Strategy opponent,” which, after losing $3,200 on long positions, instantly reversed with 20x leverage to short 2,078 BTC, becoming the largest on-chain DASH short. Switching from long to short in an instant—that’s the ruthlessness of top hunters.
3. Deadly leverage: The “one thought” behind a $91.53 million position in “heaven or hell”
High leverage accelerates wealth but also turns into a risk grinder. A short-term trading god, “pension-usdt.eth,” serves as a warning for all.
· This whale previously made over $21 million in three months with quick, precise moves. But last night, a seemingly perfect “swap”—closing profitable ETH longs and re-entering with 3x leverage on a $91.53 million BTC long—caused an instant $4.07 million floating loss when Bitcoin broke below $92,000.
· If whales can suffer this, ordinary traders chasing high leverage and trying to buy the dip are playing with fire. This bloody lesson reminds us: in extreme volatility, more important than predicting direction is position management and respecting leverage.
4. Hidden currents: Smart money quietly deploying “crypto safe-haven assets”
While the market focuses on Bitcoin’s ups and downs, the smartest funds are already preparing for “any scenario.”
· “On-chain largest gold long” is holding $7.02 million worth of PAXG (gold-pegged asset) with 5x leverage, already with a 23% unrealized profit. This is no coincidence—some whales are buying “insurance” against potential deep corrections or black swan events.
· Even more, the “heavy gold and precious metals” address has built a portfolio including gold, silver, and on-chain US tech stocks, with a monthly return of 68%. The core strategy: whether the market moves toward safe assets (buy gold) or risk appetite (buy tech stocks), they can profit.
Conclusion: You see the rise and fall, whales play the script
This crash has completely widened the gap in perception between retail investors and whales.
· Retail sees: “Bitcoin dropped, run!”
· Whales see: “Volatility is here, a perfect opportunity for layout/harvest/hedge.”
The silence of “BTC OG” is a crushing display of long-term faith; the harvest by “Shanzhai Air Force” is an extreme exploitation of market sentiment; the failure of “leverage killers” is a cautionary tale of risk management; the allocation by “gold longs” is wisdom to survive cycles.
Markets will always fluctuate, but wealth flows from the restless to the calm. The scripts written by whales with real gold and silver are unfolding—will the next act be continued panic or a desperate counterattack? The answer may be hidden in their current positions.
Remember: in the deep sea of cryptocurrencies, beneath the surface waves, every breath of the whales signals the direction of the tide. #Strategy增持比特币 $BTC