The part nobody wants to admit:

Most people don’t get wrecked in one dramatic liquidation.
They get wrecked slowly… quietly… over months.

It starts with one bad bag they “believe in.”
Then the team goes silent.
Narrative dies.
Volume dries up.
But they keep holding because selling feels like accepting failure.

Meanwhile they tell themselves,
“it’s fine… it will bounce… it always does…”

Until one day they check and realize they’re down 70%.
Then 80%.
Then it’s basically dust.

And the worst part?
They weren’t even gambling.
No leverage.
No degen bets.
Just conviction in something that stopped being alive long before they noticed.

People talk about liquidation wicks and leverage nukes,
but the slow bleed of holding the wrong project is what destroys most portfolios.

If this cycle taught me anything, it’s this:

Attachment is way more dangerous than leverage.
At least leverage tells you immediately when you’re wrong.

Bad bags make you believe you’re still right.

Audit your portfolio before the market does it for you.