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The weekend calm had just dissipated when Ethereum delivered a harsh blow to the market.
ETH fell below the $2,900 mark today, and this sharp dip directly wiped out a well-known whale’s long position. His 7,250 ETH long was forcibly liquidated, evaporating $738,000 from his account. You’d think a hit like that would be enough to cool anyone off for a while, right?
But instead, he immediately doubled down—opening a new long position with 2,100 ETH, worth about $6.18 million.
Even more astonishing, this account had just clawed its way back up to $3 million, and now it’s shrunk again to only $227,000. Is this true conviction or just getting carried away? With the market yo-yoing like this, how many people are still holding on and trying to buy the dip?