Everyone is watching a big holder's unrealized losses on hype, but in fact, they still hold $4 billion worth of Bitcoin and Ethereum spot. If this spot asset moves even slightly, the fluctuation will be greater than their futures position. Even if they lose all their futures margin, it would only be less than 5% of their total funds.

The key is not to imitate their trading style. Watching others use 5% of their funds to open 5x leverage, while you risk 100% of your assets on 100x leverage—these approaches are completely different. Capital management is always the top priority; without it, no strategy will succeed.