According to on-chain monitoring data, a large market-tracked address has recently carried out significant liquidation operations. From the monitoring feedback on January 9th, this address has been continuously closing some of its long positions, involving multiple cryptocurrencies such as SOL, ZEC, PUMP, HYPE, and others.

According to records, this address has currently liquidated approximately $4 million in holdings, with the total account size shrinking from its peak to about $352 million. Notably, this liquidation process has been ongoing and has not stopped as of the time of writing. All long positions in HYPE have been completely cleared.

Historically, this address started building its position in December last year, with an initial account size of about $20 million. It then gradually increased its short positions in major cryptocurrencies like BTC and ETH. Because its operational approach is opposite to that of another publicly listed company that has been consistently net buying BTC, this address has been widely labeled in the market as a "counterpart" to certain on-chain benchmark figures, and has become a key focus for investors tracking large on-chain addresses.