Ethereum Chinese Community Long Positions Suffered a Massive Loss of $400 Million, with a Total Margin Call Alert of 2.8 Billion RMB

The ETH market is playing out a thrilling capital drama. The position of well-known bullish investor Yi Laoban in the crypto community has recently become a focal point—this former Ethereum optimist is now facing a test of massive unrealized losses. According to position data, Laoban holds 660,000 ETH, with his account under severe pressure.

Massive Position Size, Average Price of $3,100 USD Sets Record High

Laoban’s Ethereum holdings are astonishing: a total position worth approximately $2 billion USD, with an initial investment of $1 billion USD. This indicates a high level of leverage in the account. The core position—660,000 ETH—was built at an average price of around $3,100 USD, a historical high point.

Current Price at $2,070 USD, Losses Break Records

As of the latest data, Ethereum’s price has fallen to $2,070 USD (down from the previously mentioned $2,500 USD). This means each ETH is at a loss—Laoban’s 660,000 ETH position has an unrealized loss of about $1,030 USD per coin. The total loss amounts to roughly $680 million USD, which is close to 4.5 billion RMB. This far exceeds the initial estimated loss of $400 million USD (about 2.8 billion RMB).

The reality behind the data is: a position valued at $2 billion USD is very close to liquidation in extreme market conditions. According to perpetual contract rules, if ETH continues to fall below $1,400 USD, the account faces the risk of forced liquidation.

Market Observation: Just One Step Away

This is not just a story about a single account but also reflects the true risks of high-leverage positions in the crypto market. One of the two major bullish figures in the Chinese community, once alongside Xiao Z, has now been liquidated, while the other is bleeding on the edge. Every price fluctuation means millions of USD and hundreds of millions of RMB in unrealized gains or losses.

This case serves as a reminder to investors: no matter how confident you are in your market judgment, leverage is always a double-edged sword. Under the dual measurement of USD and RMB, risk management often becomes more critical than market prediction.