At 3 AM in the cryptocurrency market, which should be the least volatile time, a piece of news shattered the silence of the trading community— a mysterious player who once rolled $125,000 into $100 million has returned with an even crazier bet just two hours after closing positions: a $100 million bet on ETH, leveraging straight up to 25 times.
What is this if not trading? It is clearly dancing on the edge of a knife. A 25x leverage means that even a slight tremor in the ETH price could instantly evaporate this $100 million.
Breaking down the skeleton of this gamble
The operation of this whale can be considered an 'extreme sample' in the leveraged market:
The first position dropped $77.12 million, swallowing 18,000 ETH, with the entry price locked at $4,303;
Immediately after, another $23.56 million entered the market, taking 5,500 ETH, with two sets of positions forming a horn-like structure.
And the 'liquidation red line' hovering above is exceptionally clear: as long as ETH falls below $4,096, all positions will be uprooted without a trace.
More intriguingly, this $4,096— is precisely the strong support level that ETH has held firm for nearly half a month. It's like betting all your savings on a shaky bridge during a stormy night: if the bridge collapses, you lose everything; if it holds, it will yield tremendous profits.
The hidden market jargon within the operation
This gamble is by no means a spur-of-the-moment decision; it hides three layers of signals worth pondering:
Firstly, the volume of funds exposed their identity. Being able to easily mobilize $100 million to play with 25x leverage is no ordinary feat—it is more likely to be those star traders known for 'dancing on the edge of a knife' in hedge funds, whose operations often carry institutional-level information asymmetry.
Secondly, the precision of technical points. $4,096 is not only a short-term support but also sits on the weekly ascending trend line of ETH. Professional players' stop-loss points are never set casually; it feels more like a declaration to the market: 'I bet this trend line won't break.'
Thirdly, the timing coincidence of the news. Just four hours after building positions, Coinbase suddenly released a report stating (the altcoin season is about to arrive)—the overlap of timing adds a layer of 'preparation' to this gamble.
Where should ordinary investors stand?
In the face of such a level of operation, what retail investors should do is not follow the trend but understand the risk logic behind it:
If a conservative route is chosen, keep a close eye on the $4,096 lifeline. Once the whale's position is liquidated, ETH may be brought down by panic selling, triggering a chain reaction; in the short term, it may be wise to consider $4,300 as a dividing line, leaning bullish online while staying cautious offline.
If you want to make a small attempt, be sure to keep leverage below 5 times, using a 'trial position' rather than a 'heavy position' to participate. At the same time, closely monitor the ETH/BTC exchange rate; whether it can break through 0.065 may be a key signal for whether this market can ferment.
The brutal truth of the cryptocurrency market is that a single breath from a whale could mean a storm for retail investors. The fate of this trader remains uncertain—either they become the legendary 'God of Leverage' or find themselves at the top of the liquidation list tomorrow. But in any case, the $100 million + 25x leverage bet has clearly shouted one thing: a big fluctuation in ETH is near.
