#美SEC促进加密资产创新监管框架 A trader did something crazy—he started rolling over long ETH positions with $500,000 from the 2,840 level.

At first, it was a total thrill. Unrealized profit peaked at $3.34 million—who wouldn't be tempted by that kind of return? The money was just sitting in the account, and it felt like retirement was just a month away.

But rolling positions is basically like dancing on a tightrope. The liquidation price kept getting pushed up to $3,000, and when ETH had a slight pullback past that level in the middle of the night, two liquidations hit hard and left him stunned. By the time he realized what happened, the position was down to $730,000, and almost all of the $3.34 million profit was gone. To make it even more nerve-wracking, only $42 separated the position from the next liquidation—literally hanging off a cliff.

So what if you get the direction right? Market volatility doesn't play fair—a few swings can wipe out all your unrealized gains. With the current market, the volatility is wilder than ever, and using high leverage is basically gambling with your life.

Staying steady is the real key. When the market is good, it's fine to play with small positions, but never blindly stack leverage and roll over positions. If you lose your principal, the game's over. Protecting your principal is always more important than chasing huge profits—only by surviving do you get a shot at the next real bull run.

If ETH doesn't rise back above $3,000 in the short term, we could see a chain reaction of liquidations. If you don't manage risk well, no amount of opportunities will matter to you.