On-chain data shows that a highly followed Ethereum trading whale has recently faced a severe test. The whale's short positions of 70,000 ETH are nearly at the liquidation line, causing a stir in the market.

According to a report from blockchain analysts, on August 7 at 2 AM, the price of Ethereum briefly reached a high of $3,698.8 on a certain exchange, just $0.2 off the Whale's liquidation price of $3,699. This thrilling moment highlights the high volatility of the cryptocurrency market.

Faced with potential massive losses, this trader demonstrated quick responsiveness. He swiftly withdrew funds from the WhiteBIT exchange and timely replenished his margin. This operation effectively raised the liquidation price from $3,699 to $3,724, earning him more breathing room.

This event not only reflects the significant influence of large holders in the market but also highlights the crucial role of risk management in cryptocurrency trading. Although this Whale previously maintained a high win rate in ETH trading, this experience has undoubtedly sounded the alarm for market participants, reminding them to stay vigilant against market risks and to implement adequate risk prevention measures.

With the continuous fluctuations in the price of Ethereum, market participants are closely following the subsequent movements of this Whale and the potential impact this event may have on overall market sentiment.