Floating profit of $45 million but remains unmoved, what is the BTC OG whale betting on?

A Bitcoin whale’s position data has just surfaced, and the figures are eye-catching: a floating profit of $45 million, dispersed across high-leverage long positions in BTC, ETH, and SOL. Even more interesting is that this whale, despite such a substantial unrealized gain, has chosen to remain completely inactive. What is the underlying logic behind this?

Whale Position Overview

According to monitoring data from Hyperinsight, this large holder, known as the “BTC OG Insider Whale,” currently has the following position allocation:

From this configuration, the whale’s strategy appears quite aggressive. BTC and ETH are both long with 5x leverage, while SOL uses even 10x leverage. This setup signals a “full in bullish” stance in the crypto market.

Deeper Meaning Behind the Positioning

Why choose such leverage multiples?

Looking at the configuration, the whale shows relatively cautious confidence in BTC and ETH (5x), but a more aggressive outlook on SOL (10x). This may reflect two considerations:

First, confidence in the mid-term trend of mainstream coins, but not risking everything. Second, a special judgment on the upside potential of risk assets like SOL, willing to bear higher risks.

Why is the funding cost loss $6.4 million?

Holding leveraged longs requires paying funding fees. This whale has already paid a total of $6.4 million in funding costs to maintain these positions. With a floating profit of $45 million, this cost accounts for about 14%. This indicates the whale has held these positions for quite some time and remains confident in the market, willing to continue bearing this expense.

Signals Behind No Rebalancing

Firm bullish stance

The key point is that, despite a huge floating profit of $45 million, the whale has chosen zero rebalancing. This is not forced holding but an active choice. From this perspective, several possibilities emerge:

• The whale believes the market is not yet over, and rebalancing would mean missing out on further gains
• There is still an upward expectation at the current price levels
• They may be waiting for specific technical or fundamental signals

Market sentiment indicator

This whale’s behavior can be seen as a barometer of market smart money. Currently, BTC is around $95,291, with a 24-hour increase of 4.27%, indicating an upward phase. The whale’s decision to hold steady rather than take profits suggests that institutional or large-scale investors remain bullish on the outlook.

Future Points of Attention

From this perspective, several signals worth continuous monitoring include:

• When will the whale first rebalance? This could mark a turning point in the market
• Trends in funding costs; high costs often indicate overheating
• Whether BTC can break new highs, which will directly influence the whale’s subsequent decisions
• Follow-the-leader behavior of other on-chain large holders, whether a consensus is forming

Summary

This $45 million floating profit BTC whale’s choice not to rebalance essentially reflects the market’s smart money maintaining a bullish outlook on the current trend. In crypto markets, large holders’ positions often reveal more than their words. The whale’s steadfastness demonstrates confidence in the future market and hints that there may still be room for growth. However, it’s important to note that such high leverage and large unrealized gains mean any adverse movement could trigger chain reactions. The key going forward is to watch when this whale shows signs of rebalancing, which would be a true risk signal.