On December 29th, the crypto market experienced another interesting wave of on-chain activity. An active on-chain trader made a very decisive move today—sure enough, in the morning, they took profit on their HYPE long position at the right moment, pocketing a $3,000 profit. When the market is volatile, this kind of take-profit attitude can indeed avoid a lot of trouble, and the freed-up funds also leave room for the next move.

The turn of events came quickly. In the afternoon, this trader doubled down heavily on ETH, pushing their long position to a whopping $24 million. Looking at the opening price of $2973.44, it’s clear they have some ideas about the subsequent market trend. But here’s a detail to note— the liquidation price is set at $2813.72, which means if the price drops below this level, a forced liquidation will occur. In other words, the buffer zone between the opening price and the liquidation price is less than $200, indicating a pretty high leverage.

This trading approach is undoubtedly betting on ETH successfully breaking through the $3000 threshold. But the problem is, if the price fails to push higher in the short term and instead drops, the risk will instantly amplify. If you really want to follow such trades, leverage management and position control are absolutely essential—don’t just copy others’ orders blindly.

By 9 PM, no new coin signals for opening positions appeared. The holdings remained concentrated mainly on this core asset, continuing the consistent style of focusing on main trends and not making reckless moves. The key points to watch next are—can ETH hold the $2970 support steadily, and does it have the strength to break through $3000? At the same time, keep an eye on whether there are new on-chain signals for rebalancing. Rational followings are always more reliable than blindly chasing the trend.