Waking up one night, the cryptocurrency world is like iron, while the traders are like flowing water. Seeing him full of spirit as he rises in the high-rise, and then seeing him soulfully lost as his building collapses, no matter how amazing the past was, it is still the past. The capital you gained at the drinking table comes at a high cost. There’s a term called ‘to maintain prosperity and ensure stability.’ During the peak of the cryptocurrency market, one must still ensure stability, because the pace is fast. In the stock market, the daily fluctuation is only around 10%, but in this circle, one can return to zero overnight. Survivor bias is ultimately the root cause of disaster.

On October 11, 2025, Bitcoin experienced a bearish super spike, which saw a single-day drop of 50%, a much larger impact compared to the 84% plunge during the ICO bubble in 2017 and the 50% drop on March 12, 2020. The difference remains significant, but this time the 16% fluctuation marked a dark moment for the entire altcoin market, where coins that had risen for half a year returned to their starting point overnight. Some even faced total losses. This liquidation harmed many veteran players in the crypto space, and numerous KOLs found themselves back to square one in a single night, with many suffering from liquidations even on 2x leverage. The night of March 12 remains unforgettable due to the extreme panic that accelerated heartbeats and a feeling of blood vessels bursting. Therefore, one must always be vigilant in the futures market, fearing the repetition of history, yet history will always be reinterpreted. By October 11, 2025, Bitcoin had already risen eightfold, having increased for more than two years. Holding a heavily leveraged position in a coin that has risen eight times in a bull market is far from wise.
Liquidation is also an experience in life. Those who experience it for the first time will feel immense pain. The regret for many will last for a while, but time will eventually dilute everything. The seasoned investors who have experienced it multiple times generally have ways to protect themselves, but they can't help but slap themselves a dozen or even twenty times, cursing and blaming themselves for not being able to control their hands, knowing full well that the bull has ended yet still going in heavy.
Luck will visit you, and it will also visit others. So when luck leaves you, if you have only cultivated your arrogance and stubbornness, then the current situation is only to be expected. May a significant fall remind you what it feels like to experience the darkest moments, and may you remember to maintain stability every time you feel exuberant, and to keep a low profile every time you experience immense wealth. May your future self still shine brightly.
How much did you lose last night with one needle? #美联储降息预期升温