Brother Ma Jie demonstrated a fundamental law of the crypto world through his actions: in the face of 25x leverage, "I was right about the direction but couldn't hold on when it was time," is everyone's fate.

His ETH long position was liquidated 4 times within an hour. Note—this is not "loss liquidation," but "forced liquidation by the system." Translation: the margin was completely wiped out, and the system wouldn't let him continue trading. Then he reversed and added another 600 ETH.
If this behavioral logic is described in traditional financial language, it’s called "gambler’s fallacy"—the more you lose, the more you believe you'll win next time.
In the crypto industry, this is called "community spirit."
The liquidation data itself is very honest: long and short liquidations are in a 9:1 ratio.
This is no coincidence—it indicates that the current market sentiment is extremely bullish (everyone is bottom-fishing and going long), but the price trend is extremely bearish (the price keeps falling).
When "everyone's direction" and "the price's direction" are opposite, everyone's direction is wrong.
This principle applies to any financial market, but in crypto markets, every cycle is a chance for someone to relearn it.