Today’s liquidation story leaves a bitter taste in everyone's mouth.

A whale on Hyperliquid, 35x leverage, long 109.7 BTC, with a scale of $8.8 million, an average price of $82,000, and a liquidation line at $80,650.

At night, BTC started to retrace, the price once approached the liquidation line, with a gap of less than $50, which is only 0.06% in percentage terms. This distance could be triggered by a sneeze and cause liquidation. But he held on, not closing the position the first time.

In the afternoon, BTC rebounded to around $81,680, significantly recovering on paper, and the unrealized loss narrowed. At this point, reducing or closing the position could have saved his life. But he did nothing.

Then, in the next 10 minutes, BTC retraced again, and this time he couldn't hold, his position was massively liquidated. The subsequent actions are even more heartbreaking — he manually stopped loss and exited before the next liquidation, with the account balance less than $100k.

$8.8 million, and in the end, less than $10,000 remains.

The cruelest part of this story isn’t the liquidation itself, but that he had two chances to survive. The first was when he was just 0.06% away from liquidation, the second was during the rebound. Both times, he chose to hold on.

35x leverage means that a market move of less than 3% in the opposite direction can wipe you out. Opening a 35x long at $80k isn’t trading — it’s gambling.

Leverage can amplify gains, but it can also wipe you out. And once wiped out, there’s no chance to recover.