ETH fell below $3,000; after urgently reducing holdings by $4.8 million, a certain whale continued to bottom fish with 25x leverage.

[BlockBeats] December 8 news: ETH briefly fell below the $3,011 mark in the past few hours, and a well-known whale urgently slashed about $4.81 million in long positions to raise the liquidation price.

This trader is still holding $11 million worth of ETH longs, with an unrealized profit of $310,000, a 71% return, and an average entry price of $3,028. The liquidation price is set at $3,010—which honestly leaves a pretty thin margin of safety.

Reviewing this address’s trading history: On the 24th of last month, they opened an ETH long with a $1 million investment. After some of their position was forcibly liquidated yesterday, they cut their losses, taking a direct loss of $730,000, with the account balance plummeting from nearly $3 million to $220,000. But this trader remained remarkably calm, immediately bought the dip with 25x leverage to go long on ETH again, and kept scaling up. Now, the account balance has recovered to around $570,000.

This series of moves shows that large capital still has a bullish outlook on ETH’s mid-term trend, but is using position management to hedge against short-term volatility risk.