According to data from a leading exchange, a well-known trader made a large transaction on December 25th: holding a long position of 7,525 ETH with leverage of up to 25x, with a position size approaching $22 million. After an average entry price of $2,975.54, this trade faced a floating loss of $375,000, and the current ETH market price remains around $2,940.

This trader's historical track record is quite tumultuous. In the past, using the same 25x leverage strategy, they endured losses of around $15 million but still persisted with the logic of adding to positions as prices fell. From a trading psychology perspective, this reflects a typical "dead long" stance—repeatedly increasing positions during a price decline, full of expectations for a rebound.

From a risk management standpoint, such large high-leverage operations require substantial capital reserves as support. Retail investors who blindly copy similar strategies are highly likely to face liquidation. However, from another angle, the contrarian positioning of big players often hints at a certain market perception—they add to long positions during price pullbacks, usually indicating confidence in a subsequent rebound or even a breakthrough to new highs.

The key moving forward is whether ETH can rebound, break through the entry cost, and even create new highs. Every market fluctuation tests whether this logic holds.