Recently, I came across a pretty interesting move—a major trader on a leading contract exchange placed a $900 million long position, using 3.4x leverage, betting on ETH(7.3 billion), BTC(1.7 billion), and SOL(76 million). Currently, they are sitting on a profit of $38 million. Such a position size is definitely not something retail traders can handle. Behind this, there are either more information advantages or an extremely strong risk tolerance.

The truly interesting part is the timing. The market is still consolidating, and this move by the big trader could have two implications—either they are betting on a breakout in the subsequent direction, or they are using it to hedge other positions' risks. This kind of operation usually indicates a deeper strategic consideration behind the scenes.

From a risk control perspective, 3.4x leverage doesn't seem overly aggressive, but the problem is the enormous capital involved. If the market moves against the position by 5-10%, the risk of a large liquidation occurs in real-time. That’s why the larger the number, the smaller the margin for error.

Whale-level operations like this often have a demonstration effect. They attract followers to jump into the same direction, amplifying market volatility. But this is also the easiest trap for retail traders—never blindly follow the trend. The information channels, capital costs, and risk management systems of big players are not something ordinary people can replicate. Just watch the show; don’t treat your own capital as a testing ground.