A wave has not yet subsided, and another has already risen. After the sharp decline on 1011, a massive crypto whale who shorted the market might have just fallen into a trap this time.

According to on-chain monitoring data, the address starting with 0xb31 now holds a position of $790 million, but the unrealized loss has reached $6.4 million. What's even more painful is that the funding fees alone have burned through over $5.4 million during this period—almost $12 million combined, which is a huge cost.

Looking closely at this whale's position allocation, it's a tale of two extremes:

ETH is the biggest loss point. Holding over 203,340 ETH, currently valued at $630 million, but the entry price was above $3,147, now with an unrealized loss of $9.8 million. BTC is also slightly damaged, with a holding of 1,000 BTC worth $90.55 million, with an unrealized loss of nearly $1 million.

The turning point is SOL. Holding 511,000 SOL, valued at over $71 million, with an entry price around $130, which has earned back $4.41 million. But this gain can't offset the hole in ETH, and combined with continuous funding fee bleeding, the entire account's trajectory feels like being repeatedly pulled in high volatility.

This is the cost of blindly leveraging in high-volatility markets. Risks and rewards are welded together on the same line; a slight misstep can lead to a slide. The rebound in SOL can't save the overall situation, and this whale's story is a true reflection of the recent crypto market—everyone wants to profit from volatility, but many are also hit hard by it.