The night Ethereum fell below $3,000, a legendary whale completely crashed. In the early hours of December 7, the market witnessed a bloodbath—the guy with the address ending in 0x9ee, who once made a killing of $10.66 million by sniping ASTER short positions and was basking in glory. But after closing his positions in November, he got cocky and immediately opened $154 million in ETH long positions, even adding to his XRP holdings. Now? He’s sitting on an unrealized loss of $13.55 million (ETH) + $11.38 million (XRP), for a total paper loss approaching $25 million. What’s worse, his ETH liquidation price is hovering around $2,497. If the market drops a few more points, he’ll be wiped out completely. This guy even publicly bet against the founder of a leading exchange before, looking all high and mighty. Turns out, no matter how skilled a trader you are, if you go all-in with high leverage against the trend, you can lose everything overnight. That’s the reality of the market—getting the direction right isn’t real skill; surviving is true mastery. Those shouting “buy the dip” and “all in” should take a good look at this case: leverage is a double-edged sword—the harder you go, the faster you die. Position management will always be ten thousand times more important than predicting price movements.