Crypto Whale – Market snapshot
Crypto markets entered 19 January 2026 with mixed signals. Long/short ratios remained tight and whales continued to adjust positions after a volatile start to the year. A veteran Bitcoin whale has been gradually selling his long‑held stash; he sold 500 BTC worth US$47.77 million just two days ago, providing liquidity for institutional buyers. Analysts note that this kind of controlled profit‑taking is healthy because it allows new investors to enter without flooding the market. However, the exchange whale ratio was around 0.657, meaning more than two‑thirds of Bitcoin entering exchanges came from the ten largest wallets, a red flag signalling potential price vulnerability if heavy selling continues.
Crypto Whale positioning tables
Total positions
| Metric | Value |
|---|---|
| Total position | $6.88 B |
| Long position | $3.26 B (47.42 %) |
| Short position | $3.62 B (52.58 %) |
These figures show that whales are slightly net short. While the exposure split is nearly even, shorts hold a marginal edge.
Margin
| Metric | Value |
|---|---|
| Total margin | US$745.00 M |
| Long margin | $444.01 M (59.60 %) |
| Short margin | $301.00 M (40.40 %) |
Despite a slight net‑short position, whales are putting more collateral behind long bets. This indicates conviction that prices will rebound after recent volatility.
Profit & loss (PnL)
| Metric | Value |
|---|---|
| Total PnL | $73.20 M |
| Long PnL | –$130.33 M |
| Short PnL | +$203.52 M |
Short sellers are dominating PnL right now. Many long positions are underwater, signalling that recent market drops have punished bullish traders. In fact, a market crash on 19 January saw the total crypto cap fall by roughly US$100 billion and liquidated US$109 million worth of positions—mostly longs.
Latest major whale activity
| Field | Details |
|---|---|
| Address | 0x94d3735543ecb3d339064151118644501c933814 |
| Symbol | SOL |
| Activity | Open long |
| Position size | $10.82 M |
| Price | $133.8576 |
| Time | 17:39 (19 Jan 2026) |
This SOL position is the most bullish whale move of the day. After the market dip, some big traders have been buying opportunistically; a separate whale bought 10,057 ETH (~US$33.68 M) during the crash, signalling that smart money views pullbacks as buying opportunities.
Hyperliquid long/short trader ratio
| Metric | Value |
|---|---|
| Long traders | 38,661 |
| Short traders | 16,564 |
| Long/short ratio | 2.3340 |
There are more than twice as many long traders as short traders, indicating that retail sentiment remains bullish even as whales lean slightly short. A high long/short ratio can lead to sudden liquidations if prices drop further.
Top five whale positions
| User | Coin | Side | Position | Quantity | PnL (Unrealised) | Entry price | Liq. price | Leverage |
|---|---|---|---|---|---|---|---|---|
| 0xb317..ae | ETH | Long | $717.99 M | 223.34 K ETH | +1.65 % | 3,161.85 | 2,230 | 5× cross |
| 0x94d3..14 | ETH | Long | $221.66 M | 68.94 K ETH | +0.03 % | 3,213.94 | 2,932 | 15× cross |
| 0x9eec..ab | ETH | Long | $183.84 M | 57.16 K ETH | +0.80 % | 3,190.28 | 2,637 | 15× cross |
| 0xd475..91 | ETH | Short | $151.48 M | 47.11 K ETH | +0.68 % | 3,236.96 | 3,934 | 15× cross |
| 0x7fda..d1 | ETH | Short | $113.55 M | 35.32 K ETH | –2.46 % | 3,135.60 | 4,475 | 15× cross |
ETH remains the largest playground for whales, with three big long positions and two substantial shorts. The biggest long position (0xb317..ae) is up slightly, while one of the shorts is deep in the red, suggesting the market could squeeze bearish positions if ETH rallies. Meanwhile, a Bitcoin OG has been reducing his holdings; he sold roughly 500 BTC recently, contributing liquidity for new entrants.
Sentiment analysis
Long vs short: Although total positions lean short (52.58 % short vs 47.42 % long), margin shows whales are backing their longs more heavily (59.60 % of margin allocated to longs). Short positions are currently more profitable, which can attract momentum traders to the bearish side, but the fact that whales add collateral to longs suggests they expect a rebound after the shakeout.
Investor sentiment: Retail traders remain bullish—over twice as many long traders as shorts. However, recent data has spooked many: an exchange whale ratio above 0.5 indicates heavy whale deposits to exchanges. At the same time, on‑chain analytics show that institutions absorbed around 30,000 BTC during mid‑January, nearly five times the new supply, signalling strong demand once short‑term selling pressure subsides. The Ethereum dip‑buying by whales amid negative netflows (more ETH leaving exchanges than entering) could foreshadow a recovery.
Coins to watch
Ethereum (ETH)
Whales have concentrated positions in ETH. With three large longs and two shorts, volatility is likely. The crash on 19 January triggered liquidations of US$109 million, largely from longs. Whales buying the dip suggest a potential rebound if market conditions stabilise. Keep an eye on the US$3.2K–US$3.3K range; a break higher could squeeze short sellers, while a drop below long liquidations might cause further unwinding.
Solana (SOL)
The day’s most notable new position is a US$10.82 M SOL long. Solana has attracted renewed attention after its network upgrades and strong decentralised finance growth. A whale opening a fresh long indicates bullish conviction. If SOL maintains support above US$130, this position could catalyse a rally; a dip below may spook retail longs.
Bitcoin (BTC)
While today’s tables are dominated by ETH and SOL, Bitcoin remains the macro driver. Selling by long‑term holders is currently orderly, providing liquidity rather than panic. However, the high exchange whale ratio means large wallets have been depositing to exchanges, so vigilance is warranted. If BTC stabilises, it will underpin rallies in ETH and SOL; if it falters, altcoins could see amplified downside.
Conclusion
Crypto whales are sending mixed signals on 19 January 2026. Shorts hold a slight majority of positions and are reaping the bulk of profits, indicating recent price declines. Yet whales are staking more margin on longs, and opportunistic buys in ETH and SOL suggest confidence that the market can recover. Retail traders remain optimistic, but a high long/short ratio means the crowd is vulnerable to further shakeouts. Macro events—such as a veteran whale trimming holdings and institutions absorbing supply—play a vital role; they hint at deeper market maturation. In this environment, traders should prepare for volatility: watch for fake‑outs, manage leverage carefully, and pay close attention to whale moves on chain.
