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THE WHALE BET ISN’T THE SIGNAL, THE RISK IS Maji’s latest positions are turning the current market into an interesting test of conviction. He is reportedly holding roughly 98 BTC long positions with 40x leverage around the $77,726 entry area, alongside approximately 35,000 ETH with 25x leverage around $2,467.81. There is also a large $HYPE position of around 175,000 tokens. At first glance, seeing a major trader maintain such aggressive long exposure can make the market look more bullish than it actually is. But I think there is another way to read it. The important question isn't simply whether Maji is buying the dip. It is whether the levels he is defending can actually survive another wave of selling. For BTC, the $76,888–$77,000 region has become extremely important. Bitcoin has repeatedly found buyers around this area, but it has also struggled to reclaim the higher resistance zones. If BTC can recover $78,000 and build momentum toward $80,000, those leveraged positions could quickly move from uncomfortable to profitable. But the opposite scenario is much more dangerous. A clean break below $76,888 would weaken the current range structure and could create another wave of liquidation pressure. That is where leverage becomes the real story. A whale using 25x or 40x leverage doesn't necessarily mean they know where the bottom is. It means they are willing to tolerate a very specific amount of volatility before the trade becomes forced. That distinction matters. ETH is facing a similar test. The $2,400 area remains an important psychological and technical level. Above it, ETH still has room to stabilize and potentially reclaim $2,480–$2,500. But losing $2,400 would put much more attention on the lower support zones. And with an estimated liquidation level around $2,272.78 for the ETH position, every additional percentage point against the trade becomes increasingly important. This is why I wouldn't use whale positioning as proof that a bottom is confirmed. Large traders can be early. They can be wrong.