On November 25, #美联储恢复降息节奏 , an event that shocked the entire trading community occurred: a trader who had turned an initial capital of 3 million into 30 million suffered 31 consecutive liquidations on BTC and SOL, incurring a single-day loss of 2.78 million dollars.

Even after urgently adding 440,000 USDT as margin, half of the positions were ultimately liquidated. This week alone, the account evaporated 15.37 million US dollars.

Why is this happening?

**The market is ruthless**
The recent surge in BTC has been rapid and fierce, leaving bears with no breathing space at all. No matter how glorious your past performance was, as long as you choose the wrong side, the market will still teach you a lesson. Many people follow suit when they see large traders opening positions, only to end up as the last ones holding the bag.

**Leverage is a double-edged sword**
This trader was indeed great at making money before, but the problem lies in position management - going short with high leverage, and when the market reverses, they can't hold on. Retail investors need to be more cautious: before each trade, think clearly about the worst-case scenario and how much you can afford to lose before placing a trade. Stories of getting rich quickly sound appealing, but preserving your capital is the top priority.

**Don't take others' judgments as sacred edicts**
No one in the crypto market can always predict the right direction. Instead of fixating on the operation screenshots of some "big shot," it's better to understand the basics like candlestick charts and capital flow yourself. Making money relies on cognitive differences; following the crowd will only turn you into chives.

What should we do at this stage? Reduce leverage, keep some cash on hand, and don't rush to go all in. A sharp drop during a bull market is normal, and a rebound during a bear market is also normal. Surviving is more important than taking a gamble.

Remember three words: steady, precise, ruthless. Keep a calm mindset and don’t panic, seize the opportunity before taking action, and be ruthless in executing discipline. The market is always here, but your capital may only have one chance.