On-chain Evening Recap: Whale Whale Manipulation and Hedge in Tandem, Privacy Sector Bears Gather
As of January 20th, HyperInsight (tracked via https://t.me/HyperInsight) has monitored notable whale position shifts between 10:00 AM and 8:00 PM ET today:
**Bull Camp**
- A whale closed a 242 BTC long position, incurring a $1.042 million loss.
- A “Lightning Reversal” whale opened a 99.8 BTC long position while shorting 6,355 ETH, launching a hedge.
**Bear Camp**
- The “20 Million Ranges Hunter” continued adding to its XMR short position: shorting 8,383 XMR with 5x leverage (now the largest on-chain XMR short).
- The “Strategy Nemesis” closed BTC and ETH long positions for a total $324,000 loss; it then shorted 7,300 DASH (5x leverage, largest on-chain DASH short) and 2,078.55 BTC (20x leverage).
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Analysis: Tariff Threat Continues to Impact Bitcoin, Liquidity Providers May Magnify Market Volatility
On January 20th, geopolitical tensions escalated after Trump issued a tariff threat against European nations that opposed his proposal to "take over Greenland"—pushing Bitcoin and major cryptocurrencies lower alongside Nasdaq futures.
Beyond macro bearish developments, internal market mechanics could further amplify price volatility. Data shows Bitcoin options market makers are currently in a negative gamma exposure range of $86,000 to $95,000. When in negative gamma, market makers hedge risk by passively buying on price gains and selling on dips—exacerbating market swings.
Markets are also monitoring the risk of a potential Supreme Court ruling on Trump’s tariff policy. Analysts note an unfavorable ruling could spark near-term volatility in trade policy, fiscal deficit outlooks, and other areas.
In traditional markets, the U.S. 10-year Treasury yield hit a four-month high of 4.37%, the dollar weakened, and U.S. stock futures faced pressure—signaling broad pressure on U.S. equ
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Korea May Scrap Cryptocurrency Exchange "One Bank Account per Exchange" Rule, Regulators Assess Market Competition Impact
January 20
South Korea’s financial regulator is assessing whether to scrap the long-running “one exchange, one bank” rule for crypto exchanges, local media reports say. The review—led by the Financial Services Commission (FSC) and Fair Trade Commission—aims to determine if the current setup worsens market concentration.
The report notes the rule isn’t enshrined in law but emerged gradually under anti-money laundering (AML) and customer due diligence requirements. Some research indicates the model could restrict small and medium-sized exchanges’ access to banking services, entrenching the dominance of top platforms.
The debate also ties into South Korea’s progress on the second phase of legislation for the Digital Assets Basic Law. The bill would allow issuance of a Korean won stablecoin, but disagreements remain over the regulatory framework and approval processes—with the submission deadline pushed back to 2026.
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Trend Research increased its ETH holdings to 9,939 coins, bringing the total holdings to 636,700 coins with an average price of $3,105.46
On January 20th, AI Gadfly monitoring indicates that the Trend Research address associated with EasyGo Finance withdrew 9,939 ETH from Binance 15 minutes ago, valued at $30.94 million. To date, the address has amassed a total of 636,717.65 ETH, with an average entry cost of $3,105.46.
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MSTR Pre-market Drops Nearly 5%, US Stock Crypto-Related Stocks See Sharp Pre-market Decline
Pre-market crypto-related stocks in the U.S. posted sharp declines on January 20th, per Bitget market data, including:
- MSTR dropped 4.97%
- COIN dropped 3.99%
- HOOD dropped 3.76%
- SBET dropped 5.91%
- BMNR dropped 6.32%
- CRCL dropped 4.41%
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Bitcoin Withdrawal Sentiment Continues, with CEX Net Outflow of 2,602.96 BTC in the Last 24 Hours
As of January 20th, Coinglass data shows centralized exchanges (CEXs) posted a net outflow of 2,602.96 BTC over the past 24 hours.
The top three CEXs by outflow volume:
- Kraken: 2,082.81 BTC outflow
- Bybit: 890.71 BTC outflow
- Coinbase Pro: 765.72 BTC outflow
Separately, Binance recorded an inflow of 1,030.68 BTC, topping the inflow rankings.
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