Just observed on the chain: A large Ethereum whale is sitting on a long position in the three-digit million range, and the situation is becoming increasingly tight. The ETH price has fallen to $2,340 and is rapidly approaching this whale's liquidation threshold with alarming speed.

The critical level is at $2,290. This means the whale has a maximum buffer of $50 before the position is automatically liquidated. According to on-chain analysts, the whale has already incurred unrealized losses of $120 million. Not an easy situation for such a major player.

What surprises me: Such an established whale would normally have better risk management. Either it’s hoping for a quick bounce or has underestimated the situation. If ETH continues to fall, this whale will become a textbook example of the risks of large positions without sufficient buffers. It will be interesting to see how it develops.