On-chain has once again caused a big stir. A well-known big whale has gone all-in this time—using 40x leverage to go long on BTC, while also holding long positions in ZEC and HYPE. His clear goal is to make 23 million USD to get out, aiming to recoup his losses in this rebound.

To put it simply, this is no longer trading; it's pure risking life. A 40x leverage means any slight movement will be amplified infinitely. If the market dips by just a few points, the liquidation scythe will come down. Such a strategy is hardly about analyzing the market; it's like playing Russian roulette with market volatility.

But from another perspective, huge whale positions with high leverage can still serve as a reference for retail traders. Their liquidation prices often become key areas of contention between bulls and bears, even triggering what’s called the "magnetic effect," causing significant price swings. It can be seen as a market sentiment indicator or a potential volatility signal, but don’t expect copying them to make you rich overnight.

Trading, at its core, is a endurance race—those who last the longest are the final winners. High leverage may seem like a quick shortcut, but it often leads to a cliff. Watching the show is fine, but don’t become the main character in the story. It’s better to stay steady, protect your principal, so you’ll have chips on the table when the next market wave arrives.