In recent days, the account activity of a well-known trader has attracted a lot of attention. So far, there have been no reports of liquidation or exit, but the account situation is indeed quite concerning.

On December 17th, data showed that he opened a new long position on Bitcoin with over 40x leverage. As a result, this move has already incurred a 65% loss, with a single unrealized loss of $52,000. On the same day, he continued to go long at the $2,940 level on Ethereum, and also deposited 1.2 million USDC in preparation to add to his position, indicating strong confidence in the market outlook.

But looking back to December 16th, the situation took a sharp turn for the worse. Within a single day, he experienced 10 consecutive liquidations, with his account balance plummeting from about $1.3 million to just $53,000. This is not an isolated incident—since October 11th, his account has been liquidated a total of 200 times, with cumulative losses exceeding $22.88 million.

This case clearly illustrates the point: high leverage can indeed amplify gains when the market moves favorably, but once the direction is misjudged, the account can face catastrophic risk in a very short period. Dropping from a million-dollar scale to just a few thousand dollars can sometimes happen in just a day or two. Even if he continues to try to turn things around later, such risk exposure makes it very difficult to catch any major market moves.