Only $28 away from liquidation. This is not a joke, but a real market scenario that unfolded last night.

While Ethereum was repeatedly oscillating around $2623, a trader holding 57,100 ETH was hanging by a thread. His account contained a long position worth $237 million, with leverage set at 20x. A decline of less than 1.1% in the market would trigger a chain liquidation. According to industry data, he has already incurred a loss of $40.3 million.

This guy is no rookie. He once set a record of 14 consecutive winning trades and made a name for himself in the crypto market. But no matter how skilled, leverage is ruthless.

Deep-sea whales, each with their own aura. They transfer tens of thousands of Bitcoins at a time, and a single trade can net millions of dollars. Some even made $23.73 million in just 25 days by trading 30,000 ETH. Stories like these circulate in the market, sounding almost mythical.

But on-chain data never lies. By reviewing transaction records carefully, we can see the real side of things. I tracked a whale address that, on March 2, withdrew over $200 million from a 50x leveraged long position. Within 24 hours, it harvested $6.83 million in profit. Sounds exciting, but one mistake in such operations can wipe out the account entirely.

Even more astonishing are the ancient Bitcoin whales that have been dormant for 14 years, suddenly waking up in July 2025. They moved out 80,000 BTC and an additional 40,192 BTC, totaling over $14 billion in value. The market is still trying to interpret what signals this movement might be sending.

Myth and reality are often separated by a single moment of negligence with leverage.