Last night’s sudden dip came and went quickly. BTC briefly broke below $88,000, and ETH even touched $2,900. However, the market bounced back soon after. Interestingly, quite a few large on-chain holders took this as an opportunity to buy the dip and started accumulating aggressively.

Speaking of accumulation, that “mysterious whale” made a move again. Remember the tariff turmoil last October? He was the one who went all cash ahead of time and made $200 million from it. This time, he set his sights on ETH and started building positions like crazy since last night.

He now holds 54,514.74 ETH at an average cost of $3,048.56 each, totaling close to $170 million, with an unrealized profit of $4.2 million already. Although that’s a sizable position, he has $74 million in margin backing it up, with leverage under control and a liquidation price set at $1,801.48—basically a very safe spot.

On the other hand, Huang Licheng’s recent actions have been much more intense. This “bull warrior” just got force-liquidated on a 7,500 ETH long position last night, but he jumped right back in. He’s currently holding 4,550 ETH, with a notional value of over $14 million.

However, his approach is extremely risky—his account margin is only $640,000, meaning he’s using 22x leverage to bet big. With this kind of strategy, even a slight market move could wipe him out again. There are always people in the market willing to use high leverage for big returns, but risk and reward are always a double-edged sword.