Do you know what it feels like to be “targeted for liquidation”?

There’s a whale named “sat0shi777”.

He’s holding nearly 90 million U.S. dollars’ worth of ETH short positions. He thinks he’s got it in the bag—then just last night, in 3 seconds, 31.6k ETH were forcibly liquidated by the system. Worth $53.5 million.

His losses are more than $4.5 million.

And all of this happens when ETH has only just risen to 1700.

But he isn’t completely dead yet.

The remaining short positions are about $38 million, with a liquidation price of $1764.

So what’s ETH’s current price?

$1710.

With less than $60 separating him from being sent on his way for good.

This is the real scene of ETH rebounding to 1700 after three straight quarters of decline:

Not a return of faith. Not a restart of the bull market.

It’s the bloodiest moment of the long-short battle—someone has been set up.

The core driving force behind this rebound: 70% is short liquidation panic, and 30% is macro breathing room.

Why is it called short liquidation panic?

After three consecutive quarters of decline, market sentiment has been pessimistic to the bone for a long time.

The shorts stacked their positions tightly, thinking ETH would keep falling to 1500, then 1400.

But last night, when the non-farm data was released, the market interpreted it as “not so hawkish,” easing macro pressure just a bit—

ETH borrowed that breath and pushed straight up from the lows.

A single push wasn’t enough? No—the leveraged shorts started flashing red.

sat0shi777 was just the first to go down.

Think about it: if you were on the other side of the trade, and you saw he was only 16 dollars away from liquidation, what would you do?

Of course—you’d push him to the very end.

So in that 5.8% surge, at least half was squeezed out by that.

And the other 30% is macro breathing room:

Tom Lee of BitMine said the ETH/BTC ratio would strengthen in the second half of the year;

A partner at Dragonfly publicly turned bullish on ETH and SOL.

These people aren’t just talking for no reason—they’re sending a signal to the market:

“Institutions are still here. ETF money is still here. Don’t forget the fundamentals just because we’ve had three quarters of decline.”

Especially since the ETH spot ETF is still seeing continuous net inflows—

The money hasn’t left; retail sentiment has just collapsed.

So what should retail investors do?

Right now, the most dangerous people aren’t the bears—

It’s the ones who just saw 1700 and rushed in shouting “the reversal!”

Because:

That whale still has about $38 million in short positions not yet liquidated, with a liquidation price of 1764.

If the price is pushed to around 1764, there will be another round of a short squeeze.

But if it can’t reach that level and instead turns downward, then the longs chasing become the new fuel.

Now you need to watch two price levels:

1764 — the final line of defense for shorts; if it breaks, the move accelerates.

1650 — the lifeline of this rebound; if it breaks, it’s a fake breakout.

Between the two, you can play short-term trades.

But don’t go all-in betting on direction, and don’t call “the bull market is back” just because it’s rising.

“A rebound after three consecutive quarters of decline: the first effect is to eliminate shorts, not to liberate longs.

Don’t mistake someone else’s liquidation for your own bull market.”

sat0shi777 still has one last breath.

Will he be kicked out completely, or will he flip the script and become the master?

We’ll know when we hit 1764. #GateCard上线积分体系 #非农爆冷打压加息预期 #沃什宣告终结前瞻指引 $BTC $ETH $SOL