A group of well-known holders on a leading lending platform are actively trading. According to on-chain data tracking, these 7 entities currently hold approximately 596,800 ETH on the platform, and the story behind it is quite interesting.

Their operational logic is straightforward: they borrowed 193 million stablecoins and took advantage of the significant market correction from October to November last year to buy 49,287 ETH at an average price of $3,531. It looks like a classic dip-buying strategy. But reality is a bit harsh—the unrealized loss on this position has already reached $27.7 million.

Interestingly, this leveraged approach is not an isolated case. The same strategy is also employed by other major players, such as a research institution holding 651,300 ETH with a similar leverage approach. It seems many traders are betting on a bottom, but the market's reaction hasn't followed the expected script. This also reflects the current risks in the lending market—large leveraged positions have a considerable floating loss potential.