An address used 25x leverage to short 22,000 ETH, valued at $35 million. This exposes the structural pressure in the current crypto derivatives market: BTC is stuck at $60k, ETH continues to face pressure, and the put/call ratio in the options market has hit a one-year high. Short positions are crowded, but on-chain data does not show panic selling—ETF outflows, macroeconomic headwinds, and the capital drain from AI are the real sources of pressure. High-leverage positions amplify microstructural fragility. If the trend reverses, short covering could trigger a sharp rebound; if it continues downward, it could lead to cascading liquidations. The divergence between long and short positions in the derivatives market is deepening: on one side, BTC positions are rising as shorts are added, while on the other, ETH positions are stabilizing without panic. This split means the directional choice could be more dramatic than expected. High leverage itself is a risk signal, not a price prediction. Market sentiment is extremely poor, but whether the "peak of pain" has arrived still requires observing capital flows and regulatory developments.