Whales currently favor physical Bitcoin 😁 exposure via $PAXG, while whale long positions in $BTC continue to decline. If you’re still actively trading, going long $PAXG and short $BTC could be an interesting relative-value setup. From a data perspective: 1️⃣ #BTC — Over the past few days, long-side holder concentration has continued to fall, indicating that whales are steadily reducing their long exposure, likely taking profits around the 70k level. Meanwhile, the Liquidation Map shows an extremely large cluster of long liquidations around 67.6k. 2️⃣ PAXG (#gold) — The situation is the opposite. Short-side holder concentration has been steadily declining, suggesting that whales are reducing short exposure and gradually covering shorts. At the same time, the Liquidation Map shows a large cluster of short liquidations near the 5,170 level.

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