The cryptocurrency market continues to be in a state of fluctuation, with the price of Bitcoin still hovering around the $110,000 mark. Despite frequent market volatility, the outlook remains bullish in the short term.

It is worth noting that there have been some significant changes in on-chain data recently. A well-known trader, out of caution, partially closed their positions last night while still holding about 110 million USD in Bitcoin short positions, with a liquidation price of 114,500 USD. Although they have temporarily avoided liquidation risk, the trader's past operation success rate has not been ideal.

What is even more noteworthy is that today another large investor suddenly entered the market, opening a $250 million short position on Ethereum, with a liquidation price set at $3,700. Unlike the former, this investor has a relatively impressive trading history.

Currently, these two major holders collectively hold up to $360 million in short positions, involving the two mainstream cryptocurrencies, Bitcoin and Ethereum. The presence of this huge short position undoubtedly brings new uncertainties to the market, and investors need to closely monitor the movements of these large positions and their potential impact on the market.

In such a complex market environment, investors should remain vigilant, manage risks effectively, and closely monitor market dynamics and changes in on-chain data in order to timely adjust their investment strategies.