#数字资产市场洞察 $DOGE $ETH——The Limit Game on Ethereum

On-chain data just revealed an astonishing record: a seasoned trader, Huang Licheng, has once again placed a heavy bet on the Ethereum market. He deposited a total of 1.2 million USDC into the trading platform and immediately used 25x leverage to open a long position exceeding $12 million. This move has once again brought him into the spotlight.

But what truly draws attention are the shocking numbers behind him. Over the past two months, this trader has experienced more than 200 liquidation events, with total losses reaching $22.88 million. Each liquidation felt like being knocked out of the game, yet immediately afterward, a new round of large capital injections followed. Community members nicknamed him "Liquidation Champion."

The risk point of this new position is very clear — the liquidation price is set around $2,698. In simple terms, as long as Ethereum's price drops less than 10%, this bet will face the risk of liquidation for the 201st time.

Is this a miraculous turnaround or another brutal exit? No one can give an answer in advance. This game has gone beyond simple notions of right and wrong. It carries the persistence of faith, the flow of capital, and the human nature revealed by traders in extreme market conditions. The transparency of blockchain records everything, while the market's ruthlessness forces every decision to be paid for with real money.