Ethereum recently fell below the $3000 mark, and market fluctuations have attracted attention. According to on-chain data, a leading trader who opened a short position after the 1011 flash crash currently has an unrealized loss of $40.46 million. Among them, Ethereum long positions are the most severely affected, with an unrealized loss of $33.04 million, but from a technical perspective, the account's liquidation price is still around $2073, indicating considerable buffer space. Bitcoin has an unrealized loss of $4.8 million, while Solana's unrealized loss is $2.61 million. Based on the current position, although this address is facing paper losses, it has not yet reached the risk alert line. The market is still observing subsequent trend developments and the risk management actions of large holders.