Here we go again—Maji's buddy's ETH long position couldn't hold. Unrealized loss of $287,000, and that's not even the most painful part. From the peak in early January to now, the paper value has shrunk by over $2 million.

Holding 10,800 ETH with 25x leverage long position, total value of $33.62 million, with an average cost around $3,138. Such scale and leverage mean that a single fluctuation can result in tens of thousands of dollars in gains or losses. When the market slightly reverses, the account net worth needs to be recalculated. Large positions like this are common on-chain, and it's no wonder traders say that risk and reward are always twin brothers.