Chain Analyst Yu Jin Flags Major BTC Positions Under Strain as Market Correction Accelerates

On-chain analyst Yu Jin has been closely monitoring significant cryptocurrency holdings during the market downturn. The latest blockchain data reveals concerning positions across major players, with Strategy holding approximately 712,600 BTC trading dangerously close to its cost basis and Bitmine’s Ethereum reserves facing substantial unrealized losses of around 5.92 billion USD.

On-chain Data Reveals Critical Player Positions Under Pressure

Yu Jin’s analysis indicates that Bitcoin briefly dipped below Strategy’s cost line at 76,037 USD—a milestone not witnessed since October 2023. This development marks a critical test of major holder confidence. Current BTC trading at $68.88K with a 24-hour decline of -2.91% continues to put pressure on these holdings. Simultaneously, ETH trades at $2.03K, down -4.89% in the last 24 hours, affecting other major positions like Bitmine’s substantial Ethereum reserves.

The Hyperliquid Liquidation Cascade: When Whales Face Forced Exits

Recent market turbulence on Hyperliquid revealed dramatic forced position closures stemming from the infamous “1011 insider whale” incident. The liquidation event exceeded 700 million USD in a single transaction, while Hyperliquid’s HLP vault capitalized on the chaos by capturing approximately 15 million USD in profit. This event underscores the risks faced by concentrated positions during market corrections.

Market Sentiment and Liquidity Dynamics

Market psychology has shifted sharply toward fear, with panic selling accelerating the downside move. Analysts suggest that Bitcoin falling below the 81,000 USD level may have been amplified by insufficient weekend liquidity, which tends to exacerbate selling pressure during low-volume periods. However, Yu Jin’s assessment indicates that after this wave of panic selling exhausts available supply, buying interest may gradually return.

Whale Activity Continues Amid Market Volatility

Giant whales remain active despite the turbulent environment. One major investor acquired 10,000 ETH from Wintermute, while swing trader nemorino.eth liquidated their ETH position with a realized loss of 3.769 million USD. In contrast, another whale deposited 8.42 million USD worth of ETH into exchanges—a move suggesting either profit-taking or repositioning ahead of anticipated market movements.

Strategic Outlook: Building During Weakness

Investment strategist Cathie Wood continues advocating for cryptocurrency exposure, noting that Bitcoin has historically maintained low correlation with traditional assets like gold. This perspective supports maintaining positions in BTC, ETH, and Solana during periods of market weakness, aligning with Yu Jin’s observation that buying pressure may resume once selling momentum exhausts itself.