Market fluctuations have put a large holder’s Ethereum long strategy to the test. According to on-chain data, this account currently maintains a high leverage configuration: 25x leverage long 9,700 ETH, with an unrealized loss of $97,000; at the same time, it is long 265,000 HYPE with 10x leverage, with an unrealized profit of $61,000. Notably, this position previously had an unrealized profit of over $1.1 million, but now only the HYPE position remains profitable, while the ETH longs have experienced a significant decline. The risks associated with high leverage configurations become more sensitive to fluctuations, and changes in the large holder’s positions often reflect short-term market sentiment shifts.