When the fear index drops to an extreme level like 23, big players in the market are actually increasing their positions. What are they seeing through, or are they just betting big?

Last night, the crypto market staged another bloody drama. Bitcoin broke through $85,000, Ethereum couldn't hold $2,800, and the entire market saw $336 million in long positions liquidated. While retail investors frantically cut losses and flee, an eerie phenomenon was observed on the chain: an old player with an unrealized loss of $78.3 million is still adding funds.

This stark contrast is enough to make people think.

**Whale's Contrarian Play**

In traditional finance logic, risking more with unrealized losses is a suicide move. But big money in the crypto space has never followed these rules. This whale currently holds over 300,000 SOL longs, worth more than $3.7 million alone. His total position has already exceeded $700 million—including $574 million in Ethereum with 5x leverage longs, and over $85 million in Bitcoin longs.

Facing unrealized losses in the seven-figure range, an ordinary person would have already bowed out. But he hasn't. He chose to keep adding to his position.

Several possible reasons behind this can be inferred: first, an averaging-down strategy, gradually accumulating at the bottom to lower the average cost; second, a confident judgment on the future market, believing this dip is just a shakeout and holding on for a rebound; third, having enough capital to withstand the psychological impact of unrealized losses, which is far less damaging to him than to ordinary investors.

The market is so cruel—same news, same price, some see an abyss, others see an opportunity.