#加密生态动态追踪 A trader's recent actions have attracted attention in the community—after a series of liquidations, they increased their leverage instead of reducing it. A breakdown of the data makes this clear: after experiencing three consecutive liquidations in November and a total loss of $50 million, this trader directly投入 $3 million as margin in December, opening a 25x leveraged long position on ETH at the $3100 level. The current position size has reached $12 million, with the liquidation price firmly pinned at $3015—only $85 away from the current price.

This operational logic is worth analyzing. In just one week in October, they experienced four liquidations and lost $23 million. When ETH fell below $3200 in November, they were forcibly liquidated again, losing $18 million, leaving the account with only $2,000. But their subsequent reaction was to add more positions rather than cut losses—losing more only made them add more aggressively.

From a risk management perspective, there are many issues: 25x leverage means ETH only needs to drop 3% to trigger liquidation, and currently, there's less than 1% buffer to the liquidation line. Meanwhile, the trader is also using 10x leverage to speculate on MEME tokens, diversifying their risk exposure. During the previous HYPE crash, they directly impacted their main ETH position, and this time they continue to operate across small altcoins, with a very large risk exposure.

Interestingly, this trader once held assets worth $80 million at their peak. Now, their account has shrunk to a fraction of that, yet they still insist on the idea of "turning it around with one big move." From a trading perspective, doubling this $12 million position requires ETH to rise by over 7%, while the trigger for liquidation only requires a 3% drop. The price movements of $BTC and $ETH $DOGE are highly correlated, and the systemic risk of a single leveraged position is often underestimated. Such extreme cases do exist in the market, and these cases serve as a reminder to traders about the importance of risk exposure and stop-loss settings.