A ruthless trader is back again. Previously, he lost $44.6 million on long positions in BTC, ETH, SOL, and HYPE, getting liquidated outright. Now, he's making a dramatic comeback with a 180-degree turn—placing a bet of 8,562 ETH (worth $28.2 million) and shorting with 25x leverage. From huge losses on longs to heavy bets on puts, this move is confusing but hard to ignore. Is the market sentiment about to shift? Or is this just another high-stakes gamble? Either way, the flow of this size of position is definitely worth watching.

Recently, I have begun to re-evaluate the position of Ethereum. I used to think it was the benchmark among alts, but now it seems that the "king of the alts" is essentially still an alt. Every time a security incident occurs, Ethereum always takes the brunt of it—either as the main character being stolen or as the leading one in a plummet. Last time when that group of North Korean hackers caused trouble, ETH directly crashed; this time, although the amount involved isn't particularly exaggerated, the price still fell below the low point from October 10. What’s even more alarming is the technical aspect: the 180-day moving average has been breached, and the 250-day moving average has also failed to hold. With both of these long-term support lines being broken simultaneously, could it be that the bull market is really coming to an end? Or is it just a phase of adjustment? To be honest, I’m a bit confused right now, and I might need to lean more towards BTC in my future allocations.