#特朗普撤销农产品关税 Danger signals appear on-chain: a high-leverage Whale urgently sells nearly 10,000 ETH for survival

The market is bleeding again. Last night on-chain monitoring detected that the large holder who previously bought WBTC and ETH at a high price through circulating loans urgently liquidated 9,507 ETH, bringing in 29.06 million U for debt repayment. The average transaction price was $3,085—compared to his entry cost, this dumping definitely resulted in a significant loss.

Let's take a look at his current situation: debt has decreased from 150 million U to 121 million U, and the position health has climbed from 1.04 to 1.12. On the surface, he has temporarily avoided forced liquidation, but this health rate is essentially walking on the edge of a cliff. If ETH or BTC drops another 10%, the remaining 1560 BTC (worth 144 million USD) and 9000 ETH (approximately 28 million USD) in his hands may still have to be sold off.

What should we truly be wary of?

It is not the Whale itself, but the group of people it represents. The on-chain is currently filled with a large number of similar circular collateral positions. Once a domino effect of cascading liquidations occurs, the selling pressure will hit the market like an avalanche. Large holders are forced to sell collateral assets → Coin prices drop → Trigger more liquidation lines → More assets are dumped… Once this negative feedback loop starts, the decline is often beyond imagination.

Many people think that only retail investors will get liquidated, but the reality is: when large funds start to cut losses to save themselves, the entire market's liquidity will quickly dry up. Those small funds still naked swimming in leverage have no time to react.

What should we do now?

If you have leveraged positions, check your health rate immediately. Don't wait for the system prompt to remember to add margin or reduce your position. Spot holders shouldn't rush to buy the dip either—wait until this round of passive dumping ends and the panic sentiment is completely released before making a move. In a bull market, it's about who makes the most profit; in a bear market, it's about who is still alive.

What do you think? After this round of Whale dumping, will the market have a brief rebound or continue to seek the bottom?