Here we go again with a tragedy! A well-known big whale, Brother Maji, just got a harsh lesson from the market—1800 ETH long positions were liquidated at $3185, evaporating $5.73 million.

But the story isn't over yet. This guy's reaction after liquidation was incredible: he immediately threw in 254,000 USDC into his futures account and opened a 25x leverage long position. Now he's holding a position of 11,100 ETH, with the liquidation price right at $3201.

This scene looks lively, but the signals behind it are worth pondering.

High leverage is a double-edged sword. A slight market shake can wipe you out regardless of how much capital you have. Not only retail traders are falling in this wave; even veteran players are taking hits. So the old saying is true—surviving is more important than chasing quick profits.

There's also an interesting phenomenon: when the most stubborn bulls are forced into a corner, repeatedly getting liquidated and still stubbornly holding on, the market's short-term bottoming probability is often not low. This kind of "liquidate and then re-enter" extreme behavior, to some extent, is an emotional indicator.

Looking at the bigger picture, the macro environment is already chaotic. The Fed's "hawkish rate cuts" have muddled market expectations, amplifying volatility infinitely. The battle between institutions and big players is vividly reflected in on-chain data.

Thinking calmly, while others are fighting in the futures market, perhaps more attention should be paid to spot positioning and ecosystem development. Ethereum's upgrade roadmap is still progressing, and the long-term narrative remains unchanged. Those steady, practical ecosystem projects might be a more stable direction.

Finally, a word of caution: markets carry risks, and leverage should be used carefully. Accelerators and crushers are often just a matter of one thought away.

Do you think Brother Maji's move this time is a headshot or a bottom-fishing signal? Would you dare to follow or dare to oppose at this level?