2026-01-03 13:26:32

Recently, the ETH market has been bouncing up and down wildly, making people's eyes spin. Prices fluctuate up and down, and all kinds of news are flying everywhere. Those big influencers shouting signals are only adding fuel to the fire. To be honest, ordinary investors can easily get confused and overwhelmed.

I recently analyzed some smart money data and finally understood the truth. This is not normal volatility at all; it’s clearly a battle between a few major players, with retail investors just standing by watching the show. If you're not careful, you could easily get caught in the crossfire.

Here's the data: ETH current price is $3,128. There are 547 short whales, more than four times the number of longs. The most astonishing thing is that the floating loss of these shorts has already exceeded $120 million. Seeing these numbers, what’s your first reaction? "The shorts are about to explode, quickly go long"? Or "These shorts are so resistant to falling, there must be a deeper logic"?

Honestly, a floating loss of $120 million would scare ordinary people into chaos. But these whales seem unfazed, continuing to hold their ground. The game rules behind this are worth every participant pondering.

What’s the real difference? The essence of investing is not emotion, but a contest of cognition. How do most retail investors operate? When prices go up, they chase; when prices go down, they run, all based on feelings. But whales are different—they can suppress emotional fluctuations and interpret the market with calm thinking. Even with a floating loss of $120 million, these short whales are still holding on. What does this mean? It shows that they see things that ordinary retail investors cannot see.

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QuorumVoter

· 01-06 00:11

Hmm... $120 million unrealized loss can still be endured, this mental resilience is truly top-notch. The bearish whale is playing a big game, we are just outsiders. Influencers are calling trades, I only watch the movements of the giant whales. Retail investors chasing highs and selling lows, in plain terms, they are just being harvested. Differences in cognition, this thing really can change everything. Just look at the data, the game rules have long been written. $120 million can still be sustained? There must be some logic behind it that we can't see. Don't be fooled by the superficial ups and downs; it's actually the giant whales playing around. Mindset vs cognition, this is the dividing line between winners and losers. A $120 million unrealized loss, I would have collapsed long ago, but they are still sitting steadily. Some things can really only be understood clearly by the giant whales.

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LiquidationWatcher

· 01-03 19:10

There is a real logic behind the big whales resisting the decline; retail investors are still chasing gains and selling off at lows. Have you ever thought that a floating loss of 120 million yuan simply can't scare the true big players? The fact that the bears are holding so firmly—what does that mean? It indicates there are still opportunities ahead. I've seen this kind of tactic before; it's just waiting for retail investors to get caught up. I just want to know when these people will close their positions; that's when the real celebration will begin. Speaking of which, ordinary people are still looking at candlestick charts, but they've already seen through it. Stop thinking about making quick money; this game is not for retail investors at all.

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All-InQueen

· 01-03 18:38

1.2 billion floating loss and still holding on, this courage is really not just talk Whales are playing a big game, and us retail investors should stop guessing blindly Shorts resisting such a drop? Indeed, we need to think about the logic behind it If I had this capital, I would have exploded long ago hahaha This is a difference in cognition, no wonder only a few people make money Losing 120 million in a month and still not wavering, truly outrageous Price goes up, chase; price drops, run? That's exactly how I got trapped, sob sob Looking at these data, I feel like I don't understand anything Whales are playing mahjong, retail investors are watching the mahjong tiles Really, sometimes you just need to shut up and watch, don't follow the crowd

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tokenomics_truther

· 01-03 13:56

It's the same old script. 120 million in unrealized losses and still holding on? I’d be surprised if I believed that. Just because a whale is resisting the decline doesn’t mean they’re right. Maybe they’re just trapped. Retail investors watching the show? Nice words, but in reality, they’re just the leeks. I stopped trusting big influencers' calls a long time ago. This time, they’ll probably try to shake out another wave. The price of 3128 feels inflated. Let’s wait and see if it can be pushed down.

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MagicBean

· 01-03 13:55

Whales can withstand a floating loss of 120 million, but we can't handle a single limit-down, the difference is so big. Short sellers hold on logically, retail investors chasing gains and selling on dips all rely on luck, wake up. One word, wait, don't get cut by the big V. This 120 million floating loss is really terrifying, but they stubbornly didn't run, I need to think about the logic behind it. To put it simply, it's information asymmetry; big players see further, while we can only look at the K-line.

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CompoundPersonality

· 01-03 13:54

Alright, it's that same old "whale sees things we can't see" rhetoric again, hearing it so much that my ears are getting calloused. 1.2 billion in unrealized losses and still holding on? I think this guy is just stubbornly waiting for a rebound to get out. Retail investors should just be honest and watch the show, don't be fooled by these numbers into a frenzy. Honestly, who the hell can truly predict the market? It's all armchair generals after the fact. Seeing those 547 short whales still holding on, I just want to laugh. They'll only find out when their positions get liquidated. In markets, having more money doesn't necessarily mean winning. I think, maybe, someone will be the last to laugh this year. What's the biggest advantage for retail investors? Not having so many burdens, free to run when they want, enter when they want. Gotta say, this analysis is somewhat interesting, but I still trust my own judgment more. Don't overcomplicate this; it all depends on who has a steadier mindset.

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RugPullSurvivor

· 01-03 13:40

120 million floating loss and still holding on, I really respect that. How strong must their mental resilience be? --- It sounds like big players are playing checkers, while retail investors can't even see the whole board. --- So, without certain cognitive reserves, entering this market is just like sending vegetables to the market. --- The fact that shorts are so resistant to falling is actually a bit scary, it feels like they are holding back a big move. --- Got it, it’s just the big players fighting each other; we just need not to follow blindly. --- Losing 120 million doesn’t scare them; if it were me, I would have sold everything and run long ago. --- It feels like this article is saying that retail investors and whales are operating on completely different levels of understanding. --- Really, those who rush in as soon as the price rises will eventually get caught and harvested. --- This is the game rule, no wonder big players always make money.

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bridge_anxiety

· 01-03 13:37

Alright, 120 million floating loss and still holding on, that’s indeed something Why are the shorts so relentless? We need to see what the logic is behind it But after analyzing this kind of situation repeatedly, you still have to figure it out yourself 120 million, I can’t even earn that in a lifetime of wages This is probably a difference in perception, I admit I can’t beat them A big whale is playing a very big game, retail investors are really just a foil The biggest fear is being caught in the crossfire, that’s so true It looks like the shorts still have confidence, otherwise they would have surrendered long ago This is a gamble, betting on who can’t hold on first To put it nicely, it’s called staying calm; I think it’s just holding onto funds.

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PriceOracleFairy

· 01-03 13:28

yo the $120M underwater positions these whales are just chillin with... that's not conviction, that's literally a different game entirely. we're playing checkers fr fr

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