Recently, the cryptocurrency market has experienced fluctuations again. Ethereum (ETH) price has stabilized and risen above $2600, and this trend has had a significant impact on the trading strategy of a well-known whale.

This investor holds a short position of 50,000 ETH, with a holding period of 3 weeks. When ETH dropped to $2,200 on June 23, this short position reached a peak floating profit of $22.83 million. However, with the rebound in ETH's price, the floating profit has significantly decreased from its peak to $5.43 million, evaporating about $17.4 million in paper profits.

Despite experiencing such significant volatility, this investor does not appear to have taken action to close or reduce their position, demonstrating remarkable patience and strategic discipline. Their current position is a short of 50,000 ETH with 10x leverage, with a total position value of approximately $130 million, an opening price of $2725, and a liquidation price of $2830.

This case highlights the high volatility of the cryptocurrency market and also reflects the operational mindset of large investors when faced with dramatic market fluctuations. Whether in the case of high profits or a decline in profits, the ability to maintain an established strategy may be one of the key factors for successful trading.

However, it is worth noting that such large-scale leveraged trading also comes with significant risks. Market participants should carefully assess their own risk tolerance and develop reasonable trading strategies. As the cryptocurrency market continues to evolve, similar large transactions may increasingly influence market trends, adding new dimensions to market analysis.