Another leverage liquidation tragedy unfolds. A well-known trader experienced a series of margin calls during the intense ETH volatility in the early morning, with long positions wiped out overnight. This is the latest large-scale liquidation event since October, with total losses reaching $20.62 million, proving to be a complete loss.

From trading data, such high-leverage operations are most likely to trigger risks during sharp market fluctuations. Even seasoned traders find it difficult to fully escape in extreme conditions. This incident once again reminds us that leveraged trading is essentially a high-risk game—while profits are amplified, losses can also double.

The market is always cold. No matter how impressive your trading track record is, a single misjudgment can lead to catastrophic consequences. In the current market environment, it's even more necessary to rationally assess risk exposure, control leverage ratios, and avoid letting temporary greed become a permanent regret.