#比特币对比代币化黄金 A well-known whale has bucked the trend in Ethereum’s downward channel, increasing their position and pushing a 25x leveraged long to a size of $37.36 million. The timing of this move is intriguing—while the market is generally bearish, this whale is putting real money on the line to make a statement.

Position data shows that the unrealized profit on this massive position has fallen from its peak to $860,000. Each 1% price swing results in a six-figure gain or loss. With 25x leverage, a mere 4% adverse move is enough to trigger forced liquidation. This is not a level of risk that ordinary players can stomach.

In terms of capital size, a contract position of over $37 million is already capable of influencing short-term price action. Especially during periods of relatively low liquidity, such a one-sided position can itself serve as one of the price anchors.

The rationale behind averaging up against the trend is worth pondering. Either the whale has picked up on some technical or on-chain support signal, or is betting on an oversold rebound. Players who can keep building positions during a downturn often have access to information retail traders can’t see.

Current market sentiment is indeed fractured. Traditional financial institutions like JPMorgan have recently downgraded crypto assets, but tech giants like Meta are pushing forward with Web3 infrastructure. The tug-of-war between bulls and bears has made the short-term outlook murky.

From a capital flow perspective, while a few whales are active, there’s no clear sign of significant inflows from traditional institutions. The market remains a zero-sum game among existing players, lacking new capital injection.

It’s important to stress that 25x leverage is not standard practice. This level of risk means even small price moves can have fatal consequences. The whale’s capital depth and risk control systems are beyond the reach of ordinary traders.

Technically, the whale’s chosen entry point may be near a key support—such as a dense options strike price or a historical high-volume trading zone. Whether the market agrees with this judgment remains to be seen.

If Ethereum stabilizes at this key level, the move will be seen as a perfectly timed bottom buy; if it continues downward, this huge position could instead become a target for bears. The market is providing the answer.

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