I feel a bit speechless about this wave of ETH market. Recently, I looked into on-chain data and found that all those big whales holding heavy positions are now trapped, which is the most heartbreaking part.

The average cost basis for the whales' long positions is around 2,304, while ETH is currently fluctuating around 2,380. It seems not far, but the market's tug-of-war feeling is especially strong. On one side, whales are eager to unload their positions; on the other side, retail investors are repeatedly worn down in despair. In this situation, no one feels like a winner—it's just a mutual drain on each other's patience.

My observation is that being trapped can actually create two extreme opportunities. One is if they really can't hold and get liquidated, there will be a stampede-like drop. I have buy orders at around 2,085, aiming to catch that wave. The other extreme is if the price rebounds to around 2,295, the whales' short-covering pressure will be very fierce, and I have prepared a short position there.

Honestly, the biggest test in this kind of market is mental resilience. I use 20x leverage, but I only open small positions each time, just to avoid getting wiped out by whale volatility during this tug-of-war. Protect your own positions and wait for opportunities to come—it's much more reliable than blindly chasing highs or lows.