On-chain data shows that a large holder has been very active recently—on December 3, they threw 4.49 million USDC into a derivatives platform and went all-in on a 10x leveraged long position in ZEC.

What’s even more aggressive is that this player has also set buy orders at $333.46, preparing to further increase their position. Looking through their position records, they’re also holding a 20x long on ETH and a 5x long on DYDX.

However, reality has been a bit harsh—the current unrealized loss has reached $1.29 million, with total account losses amounting to $2.7 million. Is this move bottom-fishing or catching a falling knife? The market will provide the answer. The position changes of high-leverage players can, to some extent, reflect subtle shifts in current market sentiment.

USDC0.01%

ETH4.18%

DYDX1.84%

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LayerZeroHero

· 12-03 07:51

Oh my, this guy is really hardcore. 20x ETH long position and still hasn't closed? Is he a gambler or something? Catching a falling knife and bleeding out—$2.7 million just gone like that, that's something. But to be fair, moves like this from big players do reveal a certain vibe. The only thing you can't tell is whether he's not thinking straight or just really confident.

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PortfolioAlert

· 12-03 07:51

Damn, this guy is really ruthless. 20x on ETH, 10x on ZEC, and still wants to add more. Is this buying the dip or just giving money away?

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LiquidationHunter

· 12-03 07:46

Bro, this is the path to bankruptcy. Catch a falling knife or buy the dip? Let's wait for the liquidation result. 20x long... this move is insane, you must really underestimate risk. All-in gambler, it's time for the market to teach you a lesson. $2.7 million loss... I really need to rethink my leverage strategy. This is called biting off more than you can chew; liquidation is just a matter of time. 10x all-in on ZEC? Bro, you're gambling with your life. Human greed truly has no limits—I feel nervous for him just watching. None of this guy's positions are without high leverage, he deserves to get wrecked by the market. Still adding to the position with a floating loss of $1.29 million—really brave, but honestly a bit foolish. Market sentiment? This guy is market distortion. $2.7 million tuition... that's a bit expensive.

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BlockchainDecoder

· 12-03 07:29

Data shows this guy is truly ruthless, but a 20x ETH long position? According to risk models, this kind of position structure has already deviated significantly from the recommended range of the Kelly criterion. From a technical perspective, it’s basically a gambler’s mentality. From on-chain behavior analysis, it’s worth noting that these types of extreme leveraged operations often indicate a market sentiment tipping point, similar to position characteristics before the Binance incident in May 2021. Readers are advised to refer to relevant research data. That being said, continuing to add to a position with a $2.7 million floating loss? Either the funds are so abundant that it doesn’t matter at all, or it’s a typical case of throwing caution to the wind. In either scenario, the market should be on alert.

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