Recently, an interesting phenomenon has been observed on the chain. An active whale continuously swept in 575 Ethereum long positions within half an hour, bringing the total position size directly to over 5500 ETH. At first glance, it seems impressive, but upon closer inspection, the account's unrealized loss has approached $400,000, and the liquidation price is firmly stuck at $2753.

This "buy more as it dips" strategy has been seen quite a few times in the community. But the question is—is this based on fundamental confidence and adding positions, or purely driven by emotional impulse? From the on-chain behavior logic, this big player is clearly betting on a short-term rebound. However, the current market sentiment is quite cold, and the risk level of leveraged longs is actually pretty high. Especially since the liquidation price isn't far from the current price, a slight market fluctuation could trigger chain liquidations.

There's something I want to say to everyone: don't blindly follow the operations of big funds. They have the depth of chips and mature strategies to absorb volatility, but us ordinary players using high leverage often end up with the common result—"whales pass by, retail traders get wiped out." Especially now, with liquidity being somewhat thin, prices can suddenly spike or dip. For those trading derivatives, you must thoroughly understand these three things: position size, leverage multiple, and liquidation price. If you can't figure it out, really don't get into this heartbeat game.

Personally, I believe Ethereum's medium to long-term logic remains solid. But the short-term bullish and bearish battles are indeed quite fierce, and this contrarian adding-on operation is basically a test of courage. If you're not a short-term trader, instead of following big players blindly, it's better to find a clear direction before acting, or gradually build positions in spot. The crypto bull market is for those who are still alive—don't exit before dawn.