Mindless bullish traders have been liquidated several times during ETH's nighttime plunge. Wallet balances have dropped from a margin of 47,000 to this current level.

Since the big drop in mid-October, the principal has burned through 21.21 million. In this market, many people have fallen into the same trap—heavy positions, high leverage, no stop-loss awareness—resulting in being wiped out by a single large fluctuation.

ETH's recent volatility has indeed been significant, and many veteran traders have suffered losses like this. Chasing longs isn't wrong, but chasing so aggressively that you're liquidated is gambling.