Some people shouted "Whale Rug Pull" when they saw 600 ETH change hands, but if you understand position management, you will realize this is actually a textbook-level risk control operation.

The data will be explained thoroughly. This trader has reduced their long position by 600 ETH in the past 3 hours and currently holds 6,426 ETH long positions, with an account floating profit of $26,700. The liquidation line is firmly set at $2,850. At the same time, they also hold 60,000 HYPE long positions, worth approximately $1.5 million.

At first glance, this is clearly not a short position, but rather a high-level pressure reduction.

Why dare to say that? Three details are enough. First, only 600 coins were reduced, and there was no liquidation. Second, the core position still exceeds 6400 ETH. Third, the liquidation price is still pressed down to 2850 USD. What does this indicate? It indicates that they have not turned bearish on the direction, but just lowered the exposure of leverage, which is a typical action of experienced traders.

The real mystery lies in the ratio. 600 divided by 7026 is approximately 8.5%. This ratio seems subtle, but the effect is significant – it neither affects the judgment of the big trend nor does it compromise the safety of the Position, effectively mitigating a large portion of the risks associated with extreme market conditions.

What do old traders fear the most? It's not the fear of a pullback; what they really fear is that sudden extreme spike. Unfortunately, the recent ETH market has this nature—volatility is narrowing, but a long shadow can pop up at any time. In this environment, it's standard practice to do a position check in advance and relieve some leverage pressure.