In the crypto market, there are always stories that make you break out in a cold sweat.

There was a guy, let’s call him Ma Ji, whose experience in the crypto market this year can be described as a rollercoaster textbook. Back in June, he made a hype-driven move and directly pocketed 6.5 million USD. July was even more intense, with his account balance soaring to 126 million USD. By September, his unrealized gains peaked at 45 million, and his total assets almost reached 60 million USD—if he had taken the profit then, he could have comfortably laid back for the rest of his life.

But the plot twist came too quickly.

On October 11th, the market suddenly changed, and prices plummeted. At this time, normal people would know to cut their losses, right? Yet, Mahji chose to hold on stubbornly. Not only did he hold on, but he also increased his position while incurring losses, each time using 25x leverage—this is not trading; it's simply gambling with one's life.

On November 3rd, his ETH long position completely blew up, and 15 million dollars evaporated in an instant. Did you think that was the end? The next day, with only 16,700 dollars left in his account, he surprisingly pulled out 100 ETH to open a 25x long position. 24 hours later, account balance: 1,718 dollars.

From 60 million to 1700 yuan, in 47 days.

Later, Majie posted a swimming photo with the caption: "I hope everyone won't be liquidated." This sentence sounds light-hearted, but only he knows how much pain lies behind it.

High leverage can make you soar into the sky when the wind is at your back, but it can also instantly grind you into the ground when the wind is against you. The market will never show mercy just because you've made a lot of money before — if a liquidation is coming, it will still happen, leaving you with not a penny.

The crypto market is truly not a place where you can survive just by luck.