Someone made 8.38 million RMB and immediately flipped to short. The smart money is already fighting from within.
Today, the most interesting on-chain thing isn’t the price—it’s what two addresses did.
The first is a giant whale associated with Garrett Jin. He had a BTC long position worth $112 million. He closed it all at 84,455, locking in a profit of $8.38 million—an impressive move. But the story isn’t over. He turned around and opened a short position of 500 BTC at 85,994, with a notional value of $43.23 million and 3x leverage. That’s like directly, from this level, shouting, “I think this is the top.”
The second is address 0xc3ed. It made four BTC long trades—four wins in a row—netting a total profit of $9.26 million. This person is still standing on the side of the longs.
Same market, same data set—top players made completely opposite decisions. That’s what the real market looks like.
Many people like to “follow smart money,” but this example shows where the problem is: there’s no consensus between smart money at all. You follow which one?
And the whale’s cost structure is completely different from yours. That $112 million long—its unrealized profit of $8.38 million—translates to a return rate of only a bit over 7%. What he’s doing is a short-cycle, high-frequency business focused on capital efficiency, not a “belief” position.
Even more important, the act of flipping to a short carries huge informational value. It suggests that, in the eyes of this professional player, the quality of the rally near 86,000 is problematic. Spot buy pressure can’t hold; it’s the shorts covering that are pushing the price. Once the squeeze ends, the price lacks natural follow-through.
I won’t copy his playbook, but I will treat his judgment as a risk warning. When someone who just made money on the long side chooses to switch immediately, it’s usually not just because they got emotional—it’s because they noticed something off in the order book.
Watch the turnover in the 85,000 to 86,000 area. This is where the real battle between longs and shorts is fought.
Today, the most interesting on-chain thing isn’t the price—it’s what two addresses did.
The first is a giant whale associated with Garrett Jin. He had a BTC long position worth $112 million. He closed it all at 84,455, locking in a profit of $8.38 million—an impressive move. But the story isn’t over. He turned around and opened a short position of 500 BTC at 85,994, with a notional value of $43.23 million and 3x leverage. That’s like directly, from this level, shouting, “I think this is the top.”
The second is address 0xc3ed. It made four BTC long trades—four wins in a row—netting a total profit of $9.26 million. This person is still standing on the side of the longs.
Same market, same data set—top players made completely opposite decisions. That’s what the real market looks like.
Many people like to “follow smart money,” but this example shows where the problem is: there’s no consensus between smart money at all. You follow which one?
And the whale’s cost structure is completely different from yours. That $112 million long—its unrealized profit of $8.38 million—translates to a return rate of only a bit over 7%. What he’s doing is a short-cycle, high-frequency business focused on capital efficiency, not a “belief” position.
Even more important, the act of flipping to a short carries huge informational value. It suggests that, in the eyes of this professional player, the quality of the rally near 86,000 is problematic. Spot buy pressure can’t hold; it’s the shorts covering that are pushing the price. Once the squeeze ends, the price lacks natural follow-through.
I won’t copy his playbook, but I will treat his judgment as a risk warning. When someone who just made money on the long side chooses to switch immediately, it’s usually not just because they got emotional—it’s because they noticed something off in the order book.
Watch the turnover in the 85,000 to 86,000 area. This is where the real battle between longs and shorts is fought.