#以太坊行情解读 $ASTER $ETH The "Immortal" Big Player: 71 Liquidations Yet Still Turning the Tide, How Deep Is the Capital Pool?

Recently, I saw another move—5000 ETH with 25x leverage going long, about to be liquidated. But this guy is used to it. His account dropped from nearly $45 million in unrealized gains to just over $1.7 million in 47 days. A normal person would have called it quits long ago. But what did he do? He poured more money in and kept fighting the market.

You might wonder: where does this money come from?

Digging deep, I uncovered a three-layer cash reservoir:

**First Layer: Traditional Business Accumulation**
He founded a live streaming platform that went public in 2023, cashing out a large sum through share buybacks. This is real asset liquidation.

**Second Layer: Early Crypto Boom Profits**
In 2017, he participated in the creation of a crypto project, raising $51.6 million in private funding. Although the project ultimately failed, during the initial token unlocks, his team massively dumped tokens to cash out. Essentially turning a failed project into a cash machine.

**Third Layer: NFT Liquidity Chain**
As a top-tier NFT collector, he engaged in NFT business—mass selling, claiming airdrops, and using NFTs as collateral on lending platforms. Continuously converting on-chain assets into real cash.

Sounds impressive? But for most people, it’s a harsh lesson: in a 25x leveraged gamble, you might be liquidated in one shot, while others have the capital to keep "refilling" their position. Risk has never been equal.