#密码资产动态追踪 There have been quite a few incidents on the chain again this morning.

That big whale being watched, this time is really embarrassing. They cut some ETH long positions, and the unrealized losses directly approached $5.7 million. From their operation replay, on January 5th they closed their BTC short and reversed to a long, and this morning they reduced their ETH short, losing 578,000. Now they are still holding a 20x leveraged BTC long and a 14x leveraged ETH long, all in unrealized losses.

What does this mean? It’s not that their operations are problematic, but that the current market sentiment is extremely tight. High-leverage traders are being repeatedly liquidated in this volatile market. On-chain large liquidation warnings have not stopped, volatility has increased, and most people's mentality has collapsed.

But my view hasn’t changed: short-term volatility is just a leverage washout process, which doesn’t change the long-term trend. Looking at this big whale’s operations, you can see they immediately go long after closing shorts; the underlying logic is still bullish. It’s just that high leverage gets tossed around in intense volatility.

This actually indicates we are still in the chip conversion stage, not a trend reversal.

My approach is very straightforward:

**Don’t go too crazy with leverage** — We’re not whales, there’s no need to jump around at 20x. Play it safe, keep leverage below 5x, and stay alive.

**Enter positions in stages at key levels** — BTC at 92,000-93,000, ETH at 3,250-3,300, these are strong supports. Don’t try to buy the bottom all at once; buy in parts, add more if it drops. Position management comes first.

**Hold your spot holdings firmly** — The bull market story isn’t over yet. The fundamentals (fund flows into spot ETFs, halving themes, ecosystem progress) are still there. Don’t let your spot holdings be shaken out.

Don’t panic just because others are losing money. Trading is about who can last longer, not who shines temporarily. The long-term positions I set at lower levels are still there; now they’ve seen some profit retracement, but I’m not worried — normal correction within the strategy range.

Remember, when others are in fear, you need to stay steady. The more intense the market shakeout, the sharper the rebound often is. Be patient and follow your plan.

Stay steady, and we can win.