#加密市场观察 On-chain analyst Yujin detected that the well-known whale "Brother Ma Ji" had its ETH long position liquidated during the drop in the early morning of December 13. Comprehensive data shows that since the market adjustment in October, he has already lost over 20.6 million dollars of principal on this position.

This is not the first time Ma Ji has encountered significant liquidation, but this event serves as a mirror, reflecting several harsh realities of the current market:

High leverage is a double-edged sword and also a "self-fulfilling prophecy": the whale's high-leverage long position itself has become potential short fuel for the market. Once the price drops to the dense liquidation line, programmatic liquidations will create selling pressure, exacerbating the decline, which may trigger more liquidations and form a chain reaction.

Information and capital advantages are not a "get out of jail free card": even whales with top-tier resources and information can misjudge in the face of extreme market volatility and macro uncertainty. This reminds us that there are no "gods" in the market, only survivors with a reverent attitude towards risk.

The essence of the current market: liquidity game: in an environment lacking a single strong bullish narrative, the market is more about high-intensity games between existing or even shrinking funds. This game often aims to quickly "eliminate" high-leverage positions (whether long or short) to build energy for the next round of volatility.

Therefore, Ma Ji's liquidation is not just a gossip news. It is a vivid lesson in risk education, revealing the enormous fragility of relying on high leverage to chase short-term volatility in the macro fog.

This may prompt us to consider another possibility: could the value construction in the crypto world exist on a different, more resilient path? For example, those models that do not rely on market fluctuations but instead continuously invest resources into real-world construction through community consensus, like the @Max Charity community dedicated to promoting global educational philanthropy, does its value narrative provide a kind of "ballast" against extreme market sentiment fluctuations? #Max