On January 11th, an interesting signal appeared in on-chain data. A major exchange's Bitcoin long positions are about 72,000 BTC, while shorts are only 286 — this stark ratio is quite notable. Analysts pointed out that this scenario also occurred in April of last year, when $BTC hovered around its annual low of $74,000. Based on this distribution of holdings, large investors are clearly betting on an upward trend. Whale movements often reflect market expectations in advance, and this data could be a valuable reference.