He made $2.37 million, but that's not the number I'm focused on. Recently, while scrolling through the chain, I came across that whale called Anti-CZ (Rugged Version) again. A lot of people are talking about how he made $2.37 million in the past 30 days. I casually checked out his positions and found something pretty interesting. His entire account is basically one big ETH long position. Over 8,000 ETH, with an entry price of $1,658. Only 31 BTC, which is basically negligible. You can tell he’s not bullish on the entire market— he’s pretty much betting everything on ETH. There’s one more thing that surprised me at first. His position shows 15x leverage, but the liquidation price is at $1,406. At first glance, it looks like high leverage, but when you look closer, it’s not quite the case. His account size is big enough, and the cross-margin setup provides plenty of buffer. The truly dangerous zone is still a ways off from the current price. No wonder he was able to withstand such a big pullback before. That said, holding this kind of position isn’t without cost. To keep this massive ETH long open, he’s already paid $150,000 in funding fees. If ETH keeps climbing, this expense won’t matter much. But if it trades sideways for a month or two, this cost will slowly eat away at his profits day by day. So right now, I’m less interested in how much he’s already made. I’m more curious about the $1,656 cost line. If ETH really drops back to this level, will he double down to defend his position, or will he admit defeat and exit? A lot of times, watching whales isn’t about tracking how much they’ve made. It’s more interesting to see when they start defending or retreating.