In the volatile market of the cryptocurrency world, there has never been a true undefeated general. Even the recently spotlighted Aoying Capital cannot escape the test of market fluctuations. It is reported that they are holding 40% of their position in ETH, and the term 'stop-loss' sounds light and easy, but when it comes to actual implementation, it becomes a psychological barrier that almost everyone struggles to overcome.
Just like Aoying clearly hinted on Twitter that ETH might pull back, advising those with open short positions to hold on a little longer—based on this alone, it is not hard to speculate on his inner judgment: firmly believing that a pullback will definitely come. Because of this, he not only did not close the short position but chose to add to the position to lower the average price. Behind this lies the most genuine aspect of human nature: when one is sufficiently obsessed with their judgment, there is always a subconscious desire to 'wait a bit longer' or 'maybe the next moment will meet expectations.' This craving for certainty makes the stop-loss order feel particularly heavy.
In fact, upon careful thought, this is not an isolated case. Whether a beginner or a seasoned player, who hasn’t experienced the struggle of 'holding on a bit longer' when faced with a position that contradicts expectations? The obsession with judgment, the resistance to losses, and the expectation of a reversal—all these emotions intertwine, turning the stop-loss into a battle against oneself. We do not target anyone specifically, as in the waves of cryptocurrency price fluctuations, very few can completely break free from human limitations. Aoying's choice merely brings this common struggle to the forefront for everyone to see.
