#大户持仓动态 $ASTER $ETH The "Life Extension Code" of Whales: The Capital Black Hole Behind 71 Liquidations

Recently, a trading account has gained attention again—using 5000 ETH with 25x leverage to go long, narrowly avoiding liquidation once more. This guy’s daily operations are this intense. In just 47 days, his unrealized gains on paper plummeted from nearly $45 million to just over $1.7 million, and then what happened? He quickly added margin and kept betting.

The key question is: where does this money come from?

Let’s analyze his capital map, which at least has three continuous bloodlines supplying funds:

**First: The Legacy of Tech Giants**. The live streaming platform he owns successfully went public in 2023, cashing out a large sum through share buybacks. This is the most stable source of cash.

**Second: Early Crypto Winners’ Dividends**. As a founder of a crypto project in 2017, he raised $51.6 million through private placement. Although the project later disappeared, the early team had already escaped and cashed out during token unlocks, earning a significant amount.

**Third: NFT Financialization Arbitrage Chain**. As a major holder of top-tier NFT series, he doesn’t just hold for appreciation but constantly sells, harvests airdrops, and uses assets as collateral for loans, turning static assets into liquid cash.

For ordinary people like us, this story offers one lesson: in ultra-high leverage games, a single liquidation means game over. But for them? Multiple capital lines take turns replenishing funds, allowing them to play forever.