There's a saying: "If nothing unexpected happens, then something unexpected will happen"—a certain whale wallet's Ethereum long position has once again experienced a pullback. This 25x leveraged position is currently showing an unrealized loss of $287,000, having shrunk from over $2 million in unrealized gains since the peak on January 7.

Carefully examining the details of this address's holdings: a 25x leveraged long position of 10,800 ETH, with a current position value of approximately $33.62 million, and an average opening price of $3,138.43. Such a position size and leverage multiple mean that a price fluctuation of about 5% can cause a P&L change of millions.

From unrealized gains to unrealized losses, you can feel the intense volatility of ETH this month. High leverage strategies are especially fragile in a strong market trend; while profits are amplified, risks are also multiplied. Cases like this always remind us how important position management and risk control are.