PANews reported on March 4th that, according to on-chain analyst @ai_9684xtpa, a certain whale (a large investor) has been aggressively trading BTC contracts with 40x leverage since February 18th, operating in both long and short positions. The difference between its opening and closing prices is extremely small, typically only a few hundred dollars, and in extreme cases, even less than $100. In the past month, it has lost $4.99 million, with 20 out of 50 trades being profitable, a win rate of 40%. Most of the time, its wins are small and its losses are large, yet it continues to open positions frequently and hold them for no more than 24 hours.