Half a billion dollars in funds, and in the end, only this much left? Over nearly a year, a top whale address (0xa2c) demonstrated with real actions what it means to "choose the wrong direction—no matter how much money you have, it's all useless."

The story of this whale begins in mid-November. At that time, it devised a "long basket of clones" strategy and opened 22 long positions. Sounds ambitious—diversify risk, fully bullish. Unfortunately, the timing of the entries was a bit awkward.

Starting from November 17th, the positions were held, and by late December, the market suddenly declined. The whale's 22 long positions were gradually liquidated, one after another. At the worst, the liquidation losses alone reached $6.19 million. Even more heartbreaking, the position size shrank from an initial approximately $25 million to just $2.33 million.

A turning point arrived. After the New Year, the market began to recover, and a rebound occurred. But this whale no longer had any chips to participate. The severe shrinkage of funds meant it completely missed out on this round of gains. No matter how the market rebounded later, it would be difficult to recover effectively.

Calculating the annual total, this address has accumulated losses exceeding $42.7 million. Half a billion dollars, just like that, evaporated mostly due to an immature strategy and poor timing choices.

This case serves as a reminder to all participants: having a large fund size does not necessarily mean the strategy is reliable. Sometimes, the timing of opening positions is even more important than position management itself.