On the afternoon of January 12th, an interesting loss was reported in the crypto trading circle. An on-chain address labeled "High-Frequency Trading" closed a long position of 172.98 BTC at 15:37, directly losing $11,000.

At first glance, this loss doesn't seem significant, but there's more to it. This address (0xd25a1) has been active in the high-frequency trading scene for many years—its total historical trading volume has reached $335 million, with the highest monthly profit once hitting $550,000. However, over the entire cycle, the cumulative loss amounts to $8.2257 million.

This is the true picture of high-frequency trading. Rapid buying and selling within short periods, capturing volatility spreads, may seem like a path to wealth, but in reality, it's like dancing on the edge of a knife. Even traders of this "whale" level are not immune to pitfalls. The recent BTC long position closing loss is a typical black swan event—market suddenly turns, and stop-loss orders can't escape.

Looking at the entire crypto market, the profits and losses from high-frequency trading are always two extremes. When the market is favorable, profits soar; when unfavorable, losses come quickly. On the surface, high returns are attractive, but behind it lies equally high risks. The account ledger of this address is the best proof.