#大户持仓动态 On October 11th, during a major dip, a whale-level position movement is worth noting—an Ethereum long position holder with over one billion in margin. This is not a stance of long-term value investing, but rather a heavy concentration in derivatives: margin size surpassing one hundred million.

Honestly, seeing this level of contract position structure makes it easy to understand why Ethereum's recent performance has been so lackluster. Large margin inflows and outflows often become key variables in determining short-term price direction. The actions of a giant whale can cause the market to dance accordingly. This is the reality of the derivatives market— the more liquidity is concentrated, the more extreme the volatility.