#比特币波动性 USD evaporated in an instant! This liquidation taught all leverage traders a bloody lesson.

Let's get straight to the point: the protagonist of this tragedy used 25x leverage to long ETH. What was the result? A total loss of 20.23 million dollars, and the wallet balance dropped directly to 15,000 - a single liquidation wiped out 1.05 million dollars. Even scarier is that all of this happened within the short interval of ETH dropping from 2,754 dollars to 2,725 dollars.

What does 25 times mean? It means that if ETH only fluctuates by 4%, your capital is gone. This guy actually started to reduce his position half an hour before being liquidated, but unfortunately, it was still a step too late. The 30-day return rate is -280.71%, which clearly shows a typical case of buying more as it falls, resisting against the trend.

From a technical perspective, the range of $2720 to $2750 has always been the focal area for the bulls and bears to battle. A large number of leveraged longs have piled in here, and the shorts will of course not miss this opportunity. On the four-hour chart, ETH has continuously shown signs of a top divergence, and the Bollinger Bands have narrowed to an extreme before suddenly breaking down—this market structure itself is as fragile as a piece of paper.

The macro environment also does not favor high leverage. The Federal Reserve's balance sheet reduction has not yet finished, interest rates remain high, and the cost of capital in the entire cryptocurrency market has been continuously rising. Decentralized trading platforms often offer leverage of 25 times or even higher, and there are no strict limitations; this kind of play is inherently fraught with risks.

The liquidation mechanism of DeFi protocols can trigger a chain reaction in extreme market conditions, and delays in oracle price feeds may lead to excessive liquidations. Many retail investors only see how high leverage can amplify returns, without considering what to do when a black swan event occurs.

Looking ahead, the risks are greater: if the ETH upgrade is delayed, leveraged long positions will panic and get liquidated; if the upgrade goes smoothly, short positions may be forced to cover. With the year-end policy meetings approaching, volatility is bound to soar, and a repeat of the chain liquidation catastrophe of 2022 is not impossible.

To be honest, leverage should not exceed 5 times. Set your stop loss if it needs to be set; position management is a hundred times more important than predicting direction. Pay more attention to the movements of large holders and the flow of stablecoins, and do not bet your life savings on high leverage hoping for luck. The market will not show mercy just because you have lost a lot.