BTC OG Insider Whale Near Breakeven as SOL Long Gains $6.89M

A major on-chain whale known as the 'BTC OG Insider Whale' has seen its overall position edge closer to breakeven amid recent market fluctuations. As of January 12, the whale's total unrealized loss has narrowed significantly, driven primarily by a large long position in Solana (SOL). The whale now holds an overall position size of ~$800 million across Bitcoin, Ethereum, and Solana according to on-chain data.

The whale's largest unrealized profit comes from a 10x long in SOL. With a floating gain of $6.89 million, the position is now a key driver of the whale's overall exposure. The average entry price for the position is reported to be $130, and the whale's gains reflect the recent uptick in Solana's price above the $140 level.

Market conditions have shifted in recent days, with Bitcoin trading above $92,000 and Ethereum seeing mixed results. The 'BTC OG Insider Whale' has a BTC long position with an unrealized loss of $2.39 million and an ETH long position showing a smaller profit of $632,000.

Why Did This Happen?

The whale's performance is closely tied to Solana's recent recovery. On-chain tracking platforms like Hyperinsight have noted the whale's position has moved from underwater to near breakeven in the last week. This is attributed to a combination of rising demand for Solana-based assets and a broader market rally.

The whale's ETH position remains profitable, with gains of ~$4.8 million as of January 8, though those profits have been partially offset by a shift in Bitcoin's position from profit to a $2 million loss.

How Did Markets React?

The whale's activity has been closely watched by market analysts, particularly as it reflects larger capital flows in the crypto space. A separate whale, known as the 'Strategy Nemesis,' has added to its BTC long, pushing its position to $310 million as of January 12.

In addition to on-chain movements, new capital has entered Solana derivatives markets. CoinGlass data shows a rise in open interest for Solana futures, with long positions outpacing short positions in the last 24 hours.

What Are Analysts Watching Next?

Analysts are closely monitoring the whale's funding fees and liquidation risk. Despite the whale's near breakeven position, it has incurred $6.13 million in funding fees since opening its positions.

The ongoing Solana privacy hackathon is also attracting attention, as the platform seeks to expand its use cases and appeal to institutional investors.

Market observers will be watching for signs of further rebalancing among top whale positions. The 'CZ Nemesis' whale, for instance, has seen its unrealized loss widen to $14.2 million in its ETH long position.

The whale's exposure to Bitcoin remains a key focus, particularly as the price hovers near critical support levels. Any further weakness in BTC could lead to a reevaluation of long positions held by major market participants.

The whale's actions are also being analyzed in the context of broader market sentiment. A new entrant to the market opened $325 million in long positions across Bitcoin, Ethereum, XRP, and Solana on Friday. This move is seen as a sign of confidence in the long-term viability of major crypto assets despite short-term volatility.