Recently, Ethereum's swing trading has been causing some headaches for big investors.

On December 20th, this trader heavily accumulated at a price of $2985, buying a total of 5678 ETH in one go, with a total investment of about $16.95 million. At the time, they might have been very confident, as the bottom-fishing expectation at this level was quite promising.

But what happened next? Two days later, the situation reversed. When the unrealized profit peaked at $2.179 million, the big investor probably thought they had secured a win. However, the scene changed dramatically—9 hours ago, they sold 3380.4 ETH at a price of $2998.49, earning $42,000 in profit, but the remaining 2298 ETH now shows an unrealized loss of $32,300.

Jumping from an unrealized profit of $2.17 million to an unrealized loss—how big must the psychological gap be? Some say this is a classic case of swing trading getting slapped in the face, while others believe the current Ethereum trend indeed causes divergence among big investors. After all, a short-term fluctuation from $2985 to $2998 and then down again, a $400 swing in three days, is truly painful for traders with heavy positions.

It seems many big investors now adopt the attitude—breaking even is already a good outcome.