On-chain data just revealed a thrilling betting event — a large-cap player opened a 25x ETH long position with $12.2 million, with the liquidation line already around 3042. You’re not seeing things; this is the distance from the market price.

Yesterday, he was still quickly adding $200,000 to "save his life," which is no longer trading; it’s pure gambling on the edge of a cliff.

Data speaks: Entry price at 3190, currently floating loss exceeds $20 million. It’s evaporating every second. A 1% market fluctuation could trigger a cascade of liquidations. Although he previously reduced his position, it still remains precarious.

Looking at this scene, one can understand a truth — no matter how much money, leverage can cause bleeding. Many think that following big players will let them win easily, but they don’t realize that when large funds step on the gas, retail investors can’t even get a sip of the soup.

Right now, ETH is struggling to hold around 3080, with bulls and bears on the brink of confrontation. If it loses the critical 3050 level, this huge order will surely be gone, possibly triggering a collapse of a wave of follow-up orders.

Honestly, there are a few points worth pondering:

First, more money adding leverage against the trend is like gambling for one’s life. This is no secret; it’s a raw probability issue.

Second, the "hold and add" approach is often a bottomless pit. Not cutting when it’s time to cut simply turns losses into an abyss.

Third, you can learn from big players’ moves, but never put your own principal on the line for a gamble. Their risk tolerance is not in the same league as yours.

The current question is, will this position ultimately turn danger into safety, or become the most classic negative lesson in the crypto world this year? The market will give the answer.