According to AiCoin data, on July 24, 2026, on-chain records showed two starkly opposite large position adjustments appeared about 5 hours before the report: on one side, KULR Technology, a Bitcoin treasury company, transferred 145.8 BTC to Coinbase Prime, reducing its company address holdings from about 1,021 BTC to around 100 BTC. Based on its average cost of about $98,923 per coin and an average selling price of about $74,368 per coin, the cumulative loss from KULR's Bitcoin treasury strategy was estimated to be around $22.62 million, with the treasury size shrinking from thousands of coins back to hundreds, nearly back to the level of “symbolic holding.” On the other side, high-net-worth trader jasonleo, after closing his Bitcoin short position, turned around to amplify his long position, increasing his current BTC long position to 2,933.63 coins, with an entry price of about $64,940.14, giving a nominal value of approximately $190 million, and as of the time of material statistics, he had registered an unrealized gain of about $209,000 (according to a single source). Within the same price range and time window, one publicly listed treasury entity chose to continue to reduce its holdings under deep losses, approaching liquidation, while another individual whale concentrated bets on leveraged long positions, forming a stark contrast in the current Bitcoin market of "institutions cutting losses vs whales bottom-fishing."

KULR Treasury Cuts Losses: Holdings Drop from Thousands to Hundreds

According to AiCoin data, on July 24, 2026, KULR Technology, a publicly listed Bitcoin treasury company, transferred 145.8 BTC to Coinbase Prime on-chain. Following this clear exit action, the visible Bitcoin balance in its corresponding treasury address was reduced to about 100 coins. Combined with the previous company reserve scale of about 1,021 BTC, KULR's overall treasury plummeted from the thousand-coin level to the hundred-coin level, nominally sliding from a "large holding institution" to a "tail warehouse management" status, with only about 100 BTC remaining before completely liquidating.

From a price dimension analysis, this reduction was not a realization at a high point but rather a typical cut-loss exit under deep unrealized losses. With an average entry cost of about $98,923 per coin and an average selling price of about $74,368 per coin, KULR's cumulative loss on the entire Bitcoin treasury strategy was about $22.62 million. After the reduction, the remaining approximately 100 BTC had a current market value estimated at about $6.47 million, significantly down from the previous thousand-coin level's book volume. The official has not disclosed the specific reasons for this reduction, and the outside world can only see from the sharp reduction in position size and the huge disparity between the entry and exit prices that this treasury entity faced pressure boundaries in front of high-volatility assets. Such on-chain behavior, approaching liquidation under deep losses, has deepened market concerns about whether "institutional treasuries can withstand Bitcoin's extreme volatility."

Whale Goes Long with Nearly 3,000 BTC: Betting on Recovery at Low Levels

In contrast to KULR shrinking its treasury with losses, whale trader jasonleo chose to reverse direction in the same price range. According to the material, he previously held a Bitcoin short position, after completely closing the short recently, he did not choose to wait but quickly went long around $64,940.14, establishing a long position of 2,933.63 BTC. Based on the entry price estimate, this long position has a nominal value of about $190 million, and at the current price, it has generated approximately $209,000 in unrealized gains, with a clear transition from shorting to heavily betting long.

Without disclosing stop-loss and target prices, the outside world can only interpret his risk-return judgment from the position size and entry range: choosing to push in nearly 3,000 BTC at around $60,000 after Bitcoin had experienced a round of adjustment, and continuing to hold the long position with limited unrealized gains appears to be a bet that this price range is a reasonable long-term allocation area. According to materials quoting his public statements, jasonleo remains bullish on Bitcoin in the medium to long term, and his operational path of immediately increasing long positions after closing his shorts is highly consistent with this view. The current long position of about 2,933 BTC also directly reflects his bullish stance on-chain.

Institutional Loss Cutting Versus Whale Bottom-Fishing: Divergence in Bitcoin Positions

In the same price range of around $60,000, the on-chain trajectories of KULR and jasonleo are nearly two extremes. According to AiCoin data, KULR's average entry cost for its Bitcoin treasury was around $98,923 per coin, with previous sell orders executed around $74,368; after this latest reduction, it is entirely in a deep unrealized loss exit state, reducing its position from about 1,021 coins to approximately 100 coins, nearing liquidation. In contrast, jasonleo's current long position entry price is about $64,940, which is over $30,000 lower than KULR's average cost, and he has already gained a small unrealized profit within the same price range while maintaining a long exposure of about 2,933 BTC. The clear contrasts in direction, cost, and profit-loss curves are vividly recorded in the on-chain data.

Behind this divergence is the direct reflection of different funding attributes in the position. KULR, as a publicly listed company, must contend with financial statements, shareholder expectations, and compliance constraints; when losses continue to expand, cutting positions or even exiting configurations are likely to be more acceptable within internal assessment frameworks. This type of cyclical cognition is often locked within performance windows and regulatory perspectives. In contrast, jasonleo, with the identity of an individual whale, operates more from a pure trading account perspective. Transitioning from closing shorts to going long around $60,000, and continuing to hold the long position with small profits, demonstrates an on-chain preference that tolerates greater market volatility to bet on medium to long-term trends. It is worth emphasizing that the addresses and actions of both are clearly distinct on-chain, and there is currently no evidence to show a direct connection at the decision-making level between the two transactions. This "institution cutting losses, but whales bottom-fishing" visual comparison reinforces the market narrative about who is panicking and who is firmly betting, rather than being simply reduced to a straightforward causal relationship.

Treasury Company Exit versus Individual Entry: On-Chain Bets are Completely Different

From the perspective of on-chain role classification, KULR corresponds to the treasury address of a publicly listed company, and its Bitcoin holdings are classified as asset reserves in accounting. Reducing the position means minimizing the size exposed to price volatility on the asset side, while nearing liquidation is a proactive effort to minimize the “Bitcoin risk” in the entire asset-liability sheet. This type of address has a clear public corresponding relationship with company identity; any action of transferring from treasury addresses to trading platforms will be interpreted as an institution adjusting its asset allocation ratio, which is a decision leaning towards "prudent operation." In contrast, individual whale trader jasonleo's position is closer to leveraged or contract long positions; his current approximately 2,933 BTC, with a nominal value of about $190 million, is a trading exposure aimed at maximizing returns rather than being a long-term reserve, with risk exposure focusing on margin and price volatility's impact on account profits and losses, rather than the company's overall financial structure.

Therefore, when an on-chain scenario shows KULR, such a treasury company, continuously reducing its holdings, with the treasury scale shrinking from the thousand-coin level to the hundred-coin level, while simultaneously jasonleo significantly increases long positions near similar price ranges, the market tends to compare the choices of these two entities with narratives of "institutional confidence decline, individual confidence increase." However, the current material only covers this one company and this one whale address; the specific motives for KULR's reduction, and jasonleo's stop-loss and target prices remain undisclosed, and no data from other institutions or whales during the same time frame is available. In the absence of broader samples and quantitative indicators, this misalignment is better viewed as a representative on-chain behavioral comparison rather than a statistical conclusion extrapolated to the entire Bitcoin market.

Approaching Liquidation and Increasing Long Positions: Several Key Turning Points to Watch

According to AiCoin data, a publicly listed Bitcoin treasury company established positions at approximately $98,900 per coin at a high, sold at an average of about $74,400 per coin cutting losses, accumulating a loss of about $22.62 million after compressing its position from 1,021 coins to approximately 100 coins, which is equivalent to nearly exiting this company-level Bitcoin risk exposure amid losses. At the same time window, individual whale jasonleo, after closing his shorts, held a long position of about 2,933.63 BTC at approximately $64,940, with a nominal exposure of about $190 million. Currently, Bitcoin is running in the range of approximately $64,000 to $75,000, with risk exposure shifting from the institution treasury constrained by performance to high-net-worth individuals voluntarily bearing volatility. The on-chain and price variables that need to be closely monitored moving forward are very clear: first, whether the remaining approximately 100 BTC of KULR will continue to flow to trading platforms, and whether its treasury will further drop towards zero; second, whether jasonleo will maintain, increase, or reduce this position of 2,933.63 BTC, especially his actions after the price moves away from the entry point of $64,940; third, Bitcoin's price breakout upwards or downwards in the current range will directly reflect the residual cost pressure on the former and the unrealized gains or losses of the latter. It should be emphasized that the specific reasons for KULR's reduction and jasonleo's stop-loss and target prices have not been disclosed; on-chain, we can confirm only "transfers and positions that have already occurred." Whether these actions will evolve into larger trends or signals still awaits subsequent data verification.

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