Held on for 74 days and added margin 4 times, but this whale still died at $2,112!!
A $140 million ETH long position, account balance: $0
On August 26, a whale opened an ETH long on Hyperliquid at an average price of $2,524.85, adding to the position all the way up to 56,900 ETH, for a notional value approaching $140 million.
Then the market never looked back. #ETH drifted lower amid volatility, and he did what most retail traders do—but shouldn’t: stubbornly held on.
On October 9, he transferred in 2 million and then 2.5 million USDC to add margin;
On October 18, another 4.5 million;
On October 25, he added another 2.15 million.
One transfer after another, just to keep the position alive for a few more days.
He quietly paid over $2.02 million in funding fees alone. And that’s before trading fees: this single position burned through $71,200 in fees over 74 days.
On November 9, ETH fell to around $2,112, triggering a full liquidation.
Two long positions of 18,500 and 7,555 ETH were liquidated one after another at 05:55, and the account balance instantly hit zero.
On-chain data doesn’t lie:
Total P&L: -$21.2639 million
Total trading volume: $310 million
Holding period: 74 days, 11 hours
Win rate: 0.00%
Maximum drawdown: 100%
From opening a long at $2,524 to getting liquidated at $2,112, there was only about 16% room for a drawdown—and yet it was enough to wipe out a position worth over $100 million.
Going long at the top → stubbornly holding on → adding margin → getting liquidated: the most classic death spiral in leveraged trading. It happens every day; this time, the bet was just a little bigger.
Remember these three things:
① Holding on stubbornly isn’t conviction—it’s a countdown to a zero account balance;
② Adding margin can’t save a position when you’ve got the direction wrong; it only makes the hole bigger;
③ In leveraged markets, it’s never the bravest who survive—it’s the most cautious.
Have you ever thought, “If I just hold on a little longer, I’ll break even”? Share your story in the comments.
Follow Wei-jie, and every day I’ll help you understand a real piece of on-chain data.
The next trade is being set up. If you’re trading without a plan and feeling lost, join my team. I’ll guide you through the setup and help you grow your account!!
#CPI前瞻，12月利率走向迎关键考验
A $140 million ETH long position, account balance: $0
On August 26, a whale opened an ETH long on Hyperliquid at an average price of $2,524.85, adding to the position all the way up to 56,900 ETH, for a notional value approaching $140 million.
Then the market never looked back. #ETH drifted lower amid volatility, and he did what most retail traders do—but shouldn’t: stubbornly held on.
On October 9, he transferred in 2 million and then 2.5 million USDC to add margin;
On October 18, another 4.5 million;
On October 25, he added another 2.15 million.
One transfer after another, just to keep the position alive for a few more days.
He quietly paid over $2.02 million in funding fees alone. And that’s before trading fees: this single position burned through $71,200 in fees over 74 days.
On November 9, ETH fell to around $2,112, triggering a full liquidation.
Two long positions of 18,500 and 7,555 ETH were liquidated one after another at 05:55, and the account balance instantly hit zero.
On-chain data doesn’t lie:
Total P&L: -$21.2639 million
Total trading volume: $310 million
Holding period: 74 days, 11 hours
Win rate: 0.00%
Maximum drawdown: 100%
From opening a long at $2,524 to getting liquidated at $2,112, there was only about 16% room for a drawdown—and yet it was enough to wipe out a position worth over $100 million.
Going long at the top → stubbornly holding on → adding margin → getting liquidated: the most classic death spiral in leveraged trading. It happens every day; this time, the bet was just a little bigger.
Remember these three things:
① Holding on stubbornly isn’t conviction—it’s a countdown to a zero account balance;
② Adding margin can’t save a position when you’ve got the direction wrong; it only makes the hole bigger;
③ In leveraged markets, it’s never the bravest who survive—it’s the most cautious.
Have you ever thought, “If I just hold on a little longer, I’ll break even”? Share your story in the comments.
Follow Wei-jie, and every day I’ll help you understand a real piece of on-chain data.
The next trade is being set up. If you’re trading without a plan and feeling lost, join my team. I’ll guide you through the setup and help you grow your account!!
#CPI前瞻，12月利率走向迎关键考验
