Looking at ETH's recent decline, many retail investors are feeling the pain from the candlestick charts. As their account losses gradually expand, they are caught in a tug-of-war internally: should they cut losses with reluctance, after all, the price has already fallen so much; or should they hold on, fearing further decline and increasing losses.

Interestingly, while retail investors are struggling with these decisions, some whales' actions have attracted market attention—they are still borrowing money to add to their positions despite floating losses of 140 million. Behind these two completely different choices lies the fundamental difference in survival logic among market participants.

Why do whales dare to operate this way? The key factors are their scale of funds and risk tolerance. They are not betting on short-term price movements but are positioning based on their long-term valuation of ETH. A floating loss of 140 million is entirely different in mindset from a retail investor losing a few thousand—once the scale reaches a certain level, short-term price fluctuations are no longer the main concern.

Looking at funding costs, whales can obtain capital through staking, borrowing, and other methods, with borrowing costs being relatively low. Their sources of funds are also more diverse, not only relying on their own capital but also leveraging various financial instruments. This gives them greater capacity to add to their positions and a longer-term perspective.

And what about retail investors? Their principal is limited, and their capacity to bear losses is constrained. Watching the numbers fall, the psychological pressure naturally increases. Coupled with information asymmetry and a lack of professional analysis skills, they are more prone to making irrational decisions out of fear.

This does not mean whales will always make money, nor that retail investors will always lose. But when facing the same market conditions, their strategies are fundamentally different. Whales focus on long-term asset appreciation, while retail investors are more easily frightened by short-term price movements.

To find a suitable approach, retail investors must first recognize their own capital scale and risk tolerance, and avoid blindly copying the aggressive tactics of whales.