Does anyone still remember the old “oil wealth management product” incident from back then? It was so bad—it became a bottom-fishing trap that ended in losing everything, and then having to pay extra.

At the time, U.S. crude oil futures directly dropped to one cent per barrel. Some people thought it was a good opportunity to “pick up a bargain,” so they put in $10,000 to bet on it. They felt pretty steady inside: worst case, they’d lose all the $10,000—just treat it as a small hobby, they can afford to lose. $CL

But after only half an hour, the oil price collapsed and smashed into negative territory. This person didn’t just lose every cent of the principal—he ended up owing $40 million.

Many people can’t wrap their heads around it: how can you buy something and still end up owing money? In plain terms, it comes down to the rules of futures delivery: once you buy a contract for one million barrels, at maturity you basically have only two choices:

Either you rent ships yourself, find oil tanks, and physically transport one million barrels of crude oil out to the designated location;

Or you sell the contract you hold to close the position. But back then the price was -$40 per barrel—meaning if you wanted to dump the contract, you’d have to pay the buyer $40 per barrel. For one million barrels, that adds up exactly to needing to cough up $40 million to get out.

#摩根士丹利增持千枚BTC