An Ethereum whale lost nearly $2.96 million in just 48 hours due to highly leveraged trades and emotional decisions.

• On May 18, they opened a short position on 41,851 ETH with 25x leverage, betting on a decline from $2,514. The price rose slightly and the position was liquidated, losing $2.46 million.

• Then, they tried to recover with a long position in Bitcoin of $17.6 million at $106,580, this time with 40x leverage, which was also liquidated in just 45 minutes.

• Finally, they made another short position in ETH at $2,444 with the same leverage, repeating their losing pattern.

The crypto community has dubbed their strategy "the punching bag," highlighting how the trader constantly changed direction, but without success. The story is a clear warning about the risks of extreme leverage and emotional trading in the crypto market.