2026-01-11 16:24:24

Recently, the on-chain data has been causing quite a stir, and honestly, it's a bit frustrating to watch. A top trader is using 10x leverage to aggressively open ZEC long positions, but that's not even the most outrageous part—their ETH long position with a 25x leverage has an unrealized loss of over $400,000, yet they haven't closed a single penny and are holding on stubbornly.

This kind of operation looks like a true gamble with real money.

The situation on the chain is even more complicated. On one side, this trader and another whale holding $630 million worth of ETH longs are bullish and refuse to let go; on the other side, there's a mysterious "ZEC biggest short" holding $143 million in shorts, targeting from all directions. The market has essentially become a battleground for big players.

What does this level of confrontation mean? It means that as long as ETH's price fluctuates by just a few tenths of a percent, a chain reaction of liquidations could trigger at any moment. The amplified volatility behind this is due to layers of leveraged positions interconnected.

Interestingly, while these big players are fighting over mainstream coins, hot money has long been restless, constantly seeking new stimulation points. Funds are rapidly switching between different sectors, indicating that market sentiment is still swinging.

From this perspective, the "counter-trend positioning" of the big players is never a sign of mercy but an extremely confident bet—they're betting on a trend reversal. But in a high-leverage world, a black swan event can often be just one step away from liquidation.

For ordinary players? Watching the spectacle can be entertaining, but don't let the boldness of these big players distort your judgment. In this market environment, surviving longer is truly more important than making quick profits. What do you think about this showdown? Share your thoughts in the comments.

ZEC-7.7%

ETH-4.94%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

22 Likes

Reward
22
6
Repost
Share

Comment

0/400

HodlAndChill

· 01-13 09:25

25x leverage ETH still holding on, this guy is really bold, either a genius or crazy --- Wow, $630 million long positions versus $143 million short positions, this is the big fish game, retail investors just watch for fun --- Don't be fooled by the big players, a black swan event can really cause instant liquidation, leverage is just money in the wrong hands --- Right now, funds are everywhere looking for excitement, market sentiment is still swinging, staying quiet and making money is the safest --- Well said, surviving long is the key, this round of market depends on who can hold out until the end --- I also enjoy watching these duels, but I would never follow the trend, the confidence of big players can sometimes be their downfall --- 25x? Damn, I’m sweating for him, if it weren’t for his strong mental resilience, he would have blown up long ago --- Controlling so much capital and playing so aggressively, either he’s seen through everything or he’s gambling with red eyes

View OriginalReply0

SoliditySlayer

· 01-12 17:33

A $400,000 unrealized loss and still holding on, this guy is really fearless, just afraid that a black swan will come and turn everything to dust. Playing with 25x leverage at such a scale, it really has a gambler's feel. Big players are killing each other, and retail investors can only watch to see who survives and walks out last. Honestly, it's a high-stakes gamble; making quick money is not as good as surviving to the next round. This kind of confrontation is really exciting, but unfortunately, we can't keep up with the rhythm, so it's better to play it safe. Is a margin call imminent? Feels like that black swan isn't far away. Watching the 630 million long positions and 143 million short positions clash, how crazy must the market be. I just want to ask, how does this guy have the courage to hold 25x leverage? His psychological resilience is top-notch.

View OriginalReply0

LiquidityLarry

· 01-11 16:51

Damn, here we go again. Major players gamble with money, we gamble with our lives. 25x leverage on a 400,000 loss, this guy is really ruthless. Either he becomes a god or a saint. Let's just watch this wave from afar. A liquidation chain reaction would mean everyone gets buried. Big fish fight, small shrimp suffer—an eternal truth. Black swans can fly out at any time. Who can guarantee it won't happen in the next second? Watching them leverage and compete, I always feel that retail investors are the ones who end up paying the bill in the end. I really can't learn the courage to hold positions. I just survive and watch the show. Greed at this moment can really kill you. Living long enough to see it is indeed worth a lot.

View OriginalReply0

ZeroRushCaptain

· 01-11 16:49

25x leverage on a 400,000 floating loss? This guy is definitely a living lesson in contrarian indicators; I need to learn from him.

View OriginalReply0

CryptoSourGrape

· 01-11 16:37

If I had known earlier that I could be so reckless in taking positions, I wouldn't have to watch the market every day, haha.

View OriginalReply0

GasFeeSurvivor

· 01-11 16:34

A loss of 400,000 still holding on, this guy is really tough. I can't understand this operation. --- 6.3 billion vs 1.43 billion, such a scale of betting could really trigger a black swan event at any moment. --- Basically, big players are gambling, and we're just watching the show. Don't get it wrong. --- The most feared thing at times like this is being emotionally driven. I'm avoiding it for now. --- Not a single penny has been recovered? You must be under a lot of pressure. If it were me, I would have already lost sleep. --- Interestingly, hot money is switching tracks, indicating that no one truly believes in the current market trend. --- How far is the black swan? No one knows, so it's better to stay cautious. --- The big players' contrarian strategies are indeed worth watching, but don't follow the trend. That stuff is extremely risky. --- Living longer is better than earning quickly. This saying is so true. Now is the time to test your mental strength.

View OriginalReply0