Last night, when Ethereum dropped below $2870, all eyes in the market focused on one address—a whale holding over 3100 ETH in a high-leverage long position, which was already on the brink of liquidation.

This trader was using 25x leverage, with a liquidation price hovering around $2900. As the price declined, unrealized losses soared to over 210%—meaning more than $1.91 million in margin was instantly wiped out amid the volatility. Normally, at this point, one would have cut losses and exited.

But he didn't.

Even more crazy, faced with this huge loss, the whale continued to pour in over $2 million to add to his position. In the community, this move instantly caused a stir—some called it a "big picture," while many saw it as a dangerous gamble.

So the question is: what is he actually betting on?

Some believe he's betting on a trend reversal, firmly convinced that this dip is just a short-term shakeout, and that a bull market is about to begin. Others speculate it's a strategic rebalancing, aiming to restructure positions amid the volatility. Of course, more pessimistic voices think this is just an out-of-control leverage game, already in a state of irrational "holding on for dear life."

From a market risk perspective, such a high-leverage position is indeed like a bomb. If the price drops further, triggering forced liquidations, the chain reaction could cause severe shocks to short-term market sentiment.

Whether it's precise positioning or a greedy gamble, this scene reminds every trader—the rules of leverage are always brutal. The market is waiting for the story's conclusion.

(Risk warning: Leveraged trading carries high risk. This article is for market observation only and does not constitute any investment advice.)