#美联储重启降息步伐 ETH's recent pullback has caused a major setback for a trader named Maji. Previously, he used a rolling position strategy to bet on ETH's rise, and at one point his paper profits were quite impressive. Now, however, there’s only a $42 buffer before his position gets liquidated.

Here’s what happened: Maji started rolling long positions on ETH with $500,000 when the price was at $2,840. Two days ago, ETH surged to $3,200 and the market value of his position soared to $3.34 million—an extremely tempting return. But rolling positions is a double-edged sword; while leverage amplifies gains, it also pushes the liquidation price up to $3,000.

Then came the twist. Early this morning, ETH suddenly pulled back below $3,000, and his position was liquidated twice in a row. His $3.34 million paper wealth instantly shrank to $730,000, giving back nearly all his previous gains. What’s worse, the remaining position is only $42 away from another liquidation—a nerve-wrackingly small cushion.

This case proves once again: in the high-leverage game, paper profits and realized gains are two different things. A minor market shake-up could wipe out all previous efforts. Maji’s current situation is like dancing on a tightrope—one misstep and he falls. Where ETH goes next will directly determine whether he barely survives this trade or is completely knocked out.