On-chain whale holdings analysis: ETH large long positions' unrealized losses narrow, no position adjustments in 26 days

SignatureVerifier · 2026-01-22T02:10:12+00:00

On January 22, an OG address (0xb31) holding a large amount of BTC reduced its long position loss to $31 million, with a total holding of approximately $830 million, mainly in ETH and SOL longs. The activity of this address is highly correlated with US policy trends and has previously profited significantly from short positions.

SignatureVerifier

2026-01-22 02:10:12

Abstract generation in progress

【Blockchain Rhythm】On January 22, monitoring data from an on-chain address shows that an OG address holding a large amount of BTC (0xb31) slightly reduced its short-term losses to $31 million today. Weekly capital withdrawals reached $95 million, and the funding rate settlement has accumulated a loss of $8.18 million, mainly due to ETH long positions. The current total position size is approximately $830 million, making it the largest on-chain ETH and SOL long position.

Specific position details: 5x ETH long position with a size of $673 million, an average price of $3,161, floating loss of $3 million (-20%), liquidation price at $2,252; 5x BTC long position with a size of $89.8 million, an average price of $91,500, floating loss of $1.47 million (-8.1%); 10x SOL long position with a size of $66.5 million, an average price of $130, floating profit of $30,000 (0.6%).

The operation trajectory of this address is quite interesting. From the evening of December 7 to the morning of December 8, it successively transferred in $70 million and opened a 5x leveraged ETH long position at an average price of $3,048. On the 10th, it transferred in another $50 million to add to the ETH long, and on the 12th, it transferred in another $110 million, totaling $230 million. The last rebalancing operation was on December 28, when the SOL long leverage was reduced from 20x to 10x. It has not rebalanced in the past 26 days.

This is a rather legendary address. It once held over 50,000 BTC and remained dormant for 8 years, then gradually swapped some BTC for ETH. Market observers have noted that the operations of this address are highly synchronized with US policy movements. Just hours before a major drop on October 11, it positioned itself with a $500 million BTC short, ultimately making nearly $100 million in profit, attracting widespread attention. According to a CEO of a certain exchange, this address is related to some of its clients.

ETH1.2%

BTC0.83%

SOL2.05%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

10 Likes

Reward
10
4
Repost
Share

Comment

0/400

OnchainDetective

· 6h ago

This guy is really a hardcore bull. ETH is down 20% and he's still holding on, not moving his position for 26 days... Is it faith or just trapped and unaware himself, haha.

View OriginalReply0

FOMOSapien

· 6h ago

This guy is still stubbornly holding onto ETH, not moving his position for 26 days... How much does he trust the bottom?

View OriginalReply0

DefiPlaybook

· 6h ago

According to data, the leverage ratio and liquidation risk of this OG's ETH position are noteworthy—an average price of $3,161 with only a 28.8% buffer to the $2,252 liquidation price. Once it falls below, it's game over. 26 days without rebalancing is indeed a bit outrageous. SOL is still profitable, but there's no sign of closing the position; instead, they keep adding. This operational logic... seems a bit like gambling. A total drawdown of $95 million plus $8.18 million in fee losses, really just stubbornly holding onto the longs without turning back. With a total position of $8.3 billion, in this liquidity environment, a sentiment reversal could have a very frightening impact. The moment of floating loss of $3 million must have been very painful.

View OriginalReply0

SandwichHunter

· 6h ago

This OG brother is also a tough guy, holding 830 million in position just like that. The 6x leverage on ETH really can't hold up, hasn't moved in 26 days... Is this a gamble or faith?

View OriginalReply0