On December 2nd, an interesting thing happened - a Whale account "pension-usdt.eth" opened a long order of 56 million USD in ETH, with a cost price of 2825 USD. The account instantly experienced unrealized losses of 460,000 USD.

But if you think this is a crash scene, then you are mistaken.

On the same day, this account closed out the previous short order and directly pocketed $900,000. Moreover, the data shows that this guy made nearly $10 million over the entire month. $460,000 in unrealized losses? For him, it might just be a test position.

What's interesting about this? The average holding period of this account is only 8 hours, and the leverage used is not high, typical of a short-term swing trading strategy. When losing small amounts, remain calm; cut losses when necessary and change direction when needed. Retail investors start cursing when they see unrealized losses, while whales only confirm whether the market rhythm is correct when they see unrealized losses.

The logic here is actually quite simple—short-term losses are not the goal, but they can be a tool. Use small amounts for trial and error to validate your judgments, use low leverage to ensure you won't get liquidated, and then increase your position when certainty is high. It sounds simple, but what you need to overcome in practice is human nature.

What is the most common mistake retail investors make? They follow others when they see them making money and panic when they see themselves losing money. What is position management? They don’t know. What is risk control? They also don’t know. The result is chasing highs and cutting losses, getting hit back and forth.

The operations of Whales may not necessarily be suitable to copy, but their mindset is worth learning. Don't go all in on positions, and don't set leverage too high; wait for opportunities to strike. The market is always there, but if your account blows up, it's truly gone.

In the crypto market, living longer is more important than running fast. Slower and steadier may be the path that ordinary people can take.