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Even big players can't escape! The BTC OG-level veteran is currently stubbornly holding a long position worth $717.9 million (involving multiple cryptocurrencies such as BTC, ETH, SOL, etc.), with unrealized gains turning into losses, and paper losses exceeding $53 million. What's more outrageous is that the funding fee alone has already cost him $2.61 million—this guy just refuses to admit defeat and close the position.
In terms of position size and persistence, this industry insider's judgment on the future market seems still somewhat optimistic. But the current market volatility is intense, and even experienced big players are not immune to being caught in a trap. This case also reflects a phenomenon: under extreme market conditions in the crypto space, the importance of fund management and psychological resilience is immense—losing over $50 million in unrealized losses yet still not cutting losses, either due to strong conviction or being forced to hold the position. Market participants should be alert that the accumulation of huge funding fees can ultimately be more deadly than the losses themselves.
But to be honest, the funding fee is truly the ultimate way to cut leeks, bleeding every day.
I was forced to understand; if I didn't have several hundred million backing me, I would have quit long ago.
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The funding fee has already cost 2.61 million and he hasn't run yet. This isn't a matter of conviction anymore, he's just been trapped and can't get out.
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To be honest, I admire this kind of persistence, but mostly I think he's just being stupid. He must feel good about stubbornly fighting to the end.
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This is what you call a big player having a rollover moment too. A paper loss of 50M and still stubbornly holding on, he's crazy.
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I agree that funding fees are more deadly than losses. There are too many cases of being slowly drained to death in the end.
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It's a typical forced hold, no other choice. Cutting losses is just locking in the damage.
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If it were me, I would have already run, but this guy really has guts, or he's truly backed into a corner.
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Long positions in this market are just courting death. Persisting with such a large position, OG is no exception.
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This news makes me feel for him. 700 million, brother. Aren't you really afraid?
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Looking at this position, I can tell he bets on a rebound, but what if the rebound is nowhere in sight? Then there's really only one way: hold on till the end.
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Is it a firm belief or being forced to bear it? A position of 700 million shows this guy has a strong gambling nature, and the supply line can no longer sustain it.
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I've seen too many cases like this, where the fund fee eventually kills people, and the account is directly wiped out.
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Over 50 million floating loss and still stubbornly holding on, either he's out of his mind or there's no way out anymore.
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This is why I say trading discipline is more important than anything else. Even the most experienced traders can fall due to psychological issues.
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Just by looking at the position, you can see how deep his obsession with a bull market is, but the market never shows mercy.
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Accumulated fund fee of 2.61 million... this is no longer a matter of loss, it's like paying a renewal fee to the exchange.
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Every time I see cases like this, I want to remind beginners that poor fund management makes all experience useless.
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Holding a long position of over 700 million? This guy either predicted the next cycle correctly or is gambling with his life.
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Being trapped with over 50 million and still not giving up, honestly I don't understand this kind of decision, but the market indeed needs players like this to bottom out.
They've already spent 2.61 million on funding fees. How strong must his mentality be?