#ETH走势分析 $ETH

Late at night, he increased his position by 250,000 USD. This guy is just 5% away from liquidation—does he really want to hold on until the end, or does he truly believe Ethereum can save him?

From 21 million dollars evaporating to just a few cents left in the account.

At dawn, while others are sleeping, some are throwing money into the fire pit. There are only over 100,000 left in the account, and he transferred in 250,000 USDC, going all in on ETH long. Sounds crazy? This isn't the first time.

Since October 11, he has been continuously going long on Ethereum. When it dropped, he replenished his position, and when it dropped again, he replenished again, like someone who is sinking deeper and deeper into a quagmire. Now his cumulative losses have soared to 21.1 million dollars. This number is not made up; the on-chain data is there, and PANews has reported it, transparent enough to make people uneasy.

What's the situation now? A long position of 7.54 million USD in ETH is hanging there.

The average opening price is around 2840 USD, and the liquidation price is hovering around 2698 USD. If the current price of Ethereum drops another 5% or so? It's a direct trip to meet God. This is not an exaggeration, it's mathematics.

Why hasn't he withdrawn yet? Three possibilities, each quite common.

**The first type: The illusion of averaging down costs.** Buying more as prices drop, thinking you can lower the average price, but the market trend doesn't care about your feelings.

**The second type: the sunk cost trap.** Having already lost 21 million, at this point, 250,000 feels like the last lifeline—"If I don't gamble, wouldn't everything before be in vain?"

**The third type: excessive consumption of bull market faith.** He may truly believe that Ethereum will rebound, using leverage as an extension of his faith, betting on a future with his position.

But the reality is harsh: retail investors use leverage to confront trends, while institutions take opportunities with risk control - this is the truth of the market.

Between speculation and investment, there is a clearing line.

This story of adding to positions late at night feels like a public psychological experiment. It shows us how persistent, reluctant, and blind people can be in front of money. Perhaps at some moment, you or I are also "that guy," but those who survive understand the importance of leaving themselves an escape route.

The market is not short of players with a gambling nature. What is lacking are those who will still be at the card table tomorrow.

Leverage has its risks; staying alive is the most important.