Many people's calling Machi Big Brother reckless for losing $30.7M on leveraged ETH longs. The data tells a more complicated story.

He has now lost over $30.7M total. After this latest liquidation, he reopened a 25x leveraged position — immediately.

At 25x, a 4% adverse move is a full margin wipe. In current ETH volatility, that happens regularly.

But here's the other read: a trader absorbing $30.7M in losses and going straight back in at 25x is not panic. That is extreme directional conviction. Either he has deep pockets playing a longer game, or the market is systematically extracting maximum pain.

At what price does $30.7M in serial liquidations start looking like a contrarian accumulation signal — or do you think forced liquidation cycles are still adding net downside pressure on $ETH?