In the past approximately 15 months, altcoins have been almost solely sold off on spot exchanges: according to a single data source from CryptoQuant analyst IT Tech, the cumulative buying and selling volume difference for altcoins has continuously declined, not only remaining in a net selling state since around 2025, but recently also falling into the deepest negative range since 2020, with selling pressure pushed to extreme levels not seen in five years. In contrast to this "collective exodus" selling curve, a small group of on-chain and over-the-counter heavy positions have quietly taken on the counterpart. "10.11 Insider Whale" Garret Jin has recently opened and continued to increase his position in a 2x leveraged long position of approximately 366,423 UNI, while maintaining a 5x long position in BTC and a 2x long position in ZEC, indicating a significant overall bullish bet; on the other hand, a Bitcoin whale that previously held approximately 175.3 BTC, with a nominal size of about 11.37 million USD in shorts, closed out all shorts in one go on June 17 when the price fell below about 64,931 USD near its cost line, securing approximately 110,000 USD in profits before choosing to exit rather than continuing to add to the bearish stance; off-chain, the publicly traded Bitcoin treasury company Strive bought approximately 296.33 BTC on a Tuesday according to its predetermined market trading plan, and through issuing approximately 199,500 shares of SATA during the same period, raised about 19.45 million USD in net income, providing ammunition for its continued accumulation of BTC. Looking back from June 2026, on one side is the long-term and intensifying selling pressure on altcoins, while on the other side are whales closing shorts, known addresses leveraging bullish positions, and publicly listed companies continuing to buy Bitcoin, indicating that the long and short game is being pushed into a phase more likely to nurture structural opportunities and risks.
15 Months of Selling: Altcoins Pressed Down
According to CryptoQuant analyst IT Tech's statistics, in the past approximately 15 months, altcoins have been in a continuous net selling state on spot exchanges, with the cumulative trading volume difference plunging into the deepest negative range since 2020, corresponding to the most extreme concentrated selling in five years. This indicates that since around 2025, selling has continuously suppressed buying, and even if new funds enter the market, it has not been enough to reverse the overall shipping direction.
More significantly, this round of selling pressure has not been a unilateral straight drop. IT Tech mentioned that this cumulative trading volume difference indicator once rebounded close to equilibrium in early 2025, briefly showing signs of easing selling pressure and a market attempt to stabilize, but then quickly turned negative again and continued to decline, forming a structure of "catching a breath before accelerating to crash." Looking back from mid-2026, altcoins experienced a long cycle of weak rebounds and further deepening risks, which reflects a continuous lack of confidence in the prospects for the altcoin sector, contrasting sharply with the accumulation behaviors and bullish layouts observed in Bitcoin during the same period.
Garret Jin Leveraging Up to Bet on UNI Against the Trend
Against the backdrop of continuous net sales of altcoins for about 15 months and selling pressure reaching the deepest negative range since 2020, according to Onchain Lens monitoring, "10.11 Insider Whale" Garret Jin has recently established and consistently increased a 2x leveraged long position of approximately 366,423 UNI on-chain, choosing to amplify his directional exposure to a single token during the market's weakest sentiment phase. The materials did not disclose the specific timing and cost of his position building, nor did they show the current unrealized profit and loss situation, but the fact that the position size is still increasing makes it clear that he is not making a one-time bet, but is rhythmically adding to his position in the current cycle.
What is more critical is that this is not an isolated attempt. On-chain data shows that Garret Jin's account simultaneously holds a 5x long position in BTC and a 2x long position in ZEC, with the overall combination clearly biased towards bullish. This reflects a strategy of actively leveraging high-volatility assets, which sharply contrasts with the approach taken by the majority of participants who are dealing with the selling pressure on altchains by reducing positions and waiting. Due to the label effect brought by the "10.11 Insider Trading" related events, this concentrated and amplified bullish layout during the market's slump period is interpreted by many traders as a signal of "smart money" betting on specific narratives and structural rebounds. In the absence of incremental buying, the continued accumulation by this single address itself becomes a variable worthy of separate tracking.
BTC Short Whale Takes Profits and Observes After Exiting
In contrast to the previous address that actively leveraged long positions, there has also emerged a reverse case of choosing to "take profits when the going is good" amidst volatility. According to Hyperinsight monitoring, a previous BTC short whale holding approximately 175.3 BTC, with a nominal size of about 11.37 million USD in short positions, chose to close all short positions in one go on June 17 when the price correction approached about 64,931 USD, just below its cost line. Based on nominal size, this operation locked in approximately 110,000 USD in profits, and after closing the position, the address no longer held that short position, completely exiting that bearish trade in the short term.
From the holding and behavioral rhythm perspective, this type of large short did not continue to press down the position but rather used the correction to realize profits, entering an observation period, at least reducing the passive short pressure above the market level for that address. With continuous net selling of altcoins, on one side the "10.11 Insider Whale" is still increasing bullish exposure, while on the other side, the BTC short whale is choosing to take profits and exit; this divergence in long and short directions and position management styles is itself an important on-chain signal indicating that there is significant disagreement among large funds regarding future market expectations.
Strive Buys Nearly 300 BTC in a Single Day
In contrast to the dichotomy of trading positions among exchange participants, some traditional institutions express directional choices in a more "insensitive" manner. The publicly traded Bitcoin treasury company Strive has previously included Bitcoin as one of its core assets on its balance sheet and recently bought approximately 296.33 BTC on a Tuesday according to its predetermined market trading plan, continuing to expand its exposure to BTC during a period of continuous net selling in the altcoin market for about 15 months.
On the same trading day, approximately 199,500 shares of SATA related to Strive were issued, generating about 19.45 million USD in net income, with the total transaction volume for the day being about 97.04 million USD and a closing price of about 100.01 USD. Although the materials did not disclose the specific average purchase price of BTC on that day and precise position structure, it is clear that Strive is directly converting a portion of new funds raised through equity financing into Bitcoin holdings: at a time when the cumulative trading volume difference for altcoins has fallen to the deepest negative value since 2020, with selling pressure at an extreme level not seen in five years, the institution's choice to increase its position is in Bitcoin rather than altcoins. This type of operation at the asset-liability level clearly demonstrates their preference for the long-term value of mainstream assets.
What Signals to Keep an Eye on Amid Divergence in Long and Short Positions
Altcoins have been in a net selling state on spot exchanges for approximately 15 months, with the cumulative trading volume difference dropping to the deepest negative range since 2020 and selling pressure at an extreme level not seen in five years (according to CryptoQuant analyst IT Tech). Meanwhile, "10.11 Insider Whale" Garret Jin is leveraging up to bet on UNI, simultaneously holding long positions in BTC and ZEC, and companies like Strive continue to use equity financing to accumulate Bitcoin. The BTC short whale closed out about 175.3 BTC shorts near approximately 64,931 USD on June 17, leading to a few on-chain and holding signals that constitute a minority bet contrary to the overall selling, indicating that the market structure is in the process of being reshaped. The next points worthy of attention include: First, whether the net selling of altcoins will show signs of "slowing down" or even rebound from the extreme negative range in the coming weeks or months, at least not continuing to worsen—this is the fundamental premise for assessing whether this round of selling pressure is nearing a short-term peak; Second, whether targets like UNI that are being accumulated by whales can show relative strength in the environment where the overall altcoin sector is under pressure, even if it is just a relative resistance to the altcoin index or a slow strengthening; whether on-chain addresses choose to continue accumulating or are forced to reduce positions will directly test the success or failure of these counter-trend bulls; Third, whether Bitcoin treasury companies and new large addresses will continue the accumulation rhythm exemplified by Strive or choose to wait and see or even reduce holdings, as well as whether the previously shorting BTC whale group will reopen positions, shift to bullish or maintain short positions—these behaviors will determine whether the strength switch between Bitcoin and the altcoin sectors in the next phase is leaning towards "continuing to favor mainstream assets" or begins to flow back to high-risk assets.
Join our community to discuss and become stronger together!
AiCoin exclusive Hyperliquid benefits: https://app.hyperliquid.xyz/join/AICOIN88
AiCoin exclusive Aster benefits: https://www.asterdex.com/en/referral/9C50e2
On-chain Telegram community: https://t.me/AiCoinWhaleData
On-chain community: https://www.aicoin.com/link/chat?cid=N6OVMor5g
AiCoin on-chain Twitter: https://x.com/aicoinwhaledata
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
