🚨 Four Avalanches in the Crypto World: Reviewing the Real Underlying Logic of 4 Black Swans in 5 Years

Let's talk about something serious today:
In the past five years, the crypto world has experienced four true super collapses.

Many people think these are "black swans", but the truth is —
Every occurrence is not coincidental, but rather the inevitable result of the interplay between human nature, policies, leverage, and liquidity.

🦢 First Crash: 2020·3·12 —— Macro Panic

The global outbreak of the pandemic led to a series of circuit breakers in the US stock market, and oil prices plummeted by 30%.
The first reaction of the organization: save their lives, cut the riskiest.
Bitcoin dropped from 8000 to 3800, and Ethereum fell from 190 to 89.
That night, a liquidation of 3.9 billion USD.

This collapse made everyone realize:

Macroeconomic sentiment is greater than any positive news.

But a year later, Bitcoin rose 10 times.
That night became the starting point of a new cycle.

🦢 Second Crash: 2021·5·19 —— Policy Heavy Hammer

Domestic regulations have suddenly tightened, mining farms have been shut down on a large scale, and Tesla has suspended Bitcoin payments.
In a nutshell: market expectations have been abruptly cut off.

In 7 days, Bitcoin dropped from 43,000 to 29,000.
Ethereum from 3400 to 1000.
800,000 people liquidated, 8 billion evaporated.

This collapse made the crypto world realize for the first time:

The policy is not negative; it is a nuclear bomb.

🦢 The Third Collapse: 2022·FTX —— Trust Collapse

The former second-largest exchange in the world, FTX, collapsed in an instant.
There is only one reason:
Misappropriation of user funds.

In two days, users rushed to withdraw, and FTT dropped by 80%,
FTX directly declared bankruptcy, with over 130 affiliated companies going down with it.
Bitcoin fell to 15800, Ethereum fell to 1074.

A phrase was trending all over the internet during that time:

Not all explosions happen on the chain; some are in people's hearts.

This is the most serious trust crisis in the history of the crypto world.

🦢 Fourth Collapse: 2025·10·11 —— Leveraged Self-Destruction

This is the bloodiest one.

The entire network is obsessed with perpetual contracts, with leverage ranging from 3 to 10 times everywhere.
A sudden policy announcement directly wiped out all the bulls.

Within 24 hours:
•Bitcoin from 119000 → 101000
•Ethereum from 4100 → 3300
•20 billion USD liquidated, 1.62 million people were cleared (historical high)

This is a typical domino-style suicide:
Liquidation → Sell-off → Re-liquidation → Liquidity drain → Panic escalation.

🔍 Four surfaces are different, but the underlying logic is completely the same.

By connecting the four major crashes from 2020 to 2025, you will find three eternal constants:

① Liquidity was instantly drained.

Macro panic, policy tightening, bank runs, leverage liquidation...
Different forms, but the essence is all about capital flight.

② The panic of emotions is infinitely amplified.

The crypto world is the easiest market to experience a crash globally,
When people are panicked, no one can outrun the system.

③ Leverage is an amplifier of all disasters.

You think you can make quick money,
But the real result is the pain magnified tenfold by forced liquidation.

🧭 The only way out for ordinary people after the crash

Many people ask:
"What to do after the crash?"

The answer is only one sentence:
Survive.

A sharp decline is not the end of the cycle,
but rather the starting point of the next cycle.
But the premise is:
You can't die at the bottom.

Those who can survive in extreme market conditions,
not smarter,
but rather understand better:

The biggest risk has never been in the price, but in human nature.
The real bottom is not in the charts, but in the panic.

Summary:

Four avalanches in five years,
Every time, I wash away my illusions,
Leave the truth.

If you still insist on being in Web3,
Then you are more resilient and more discerning than 99% of people.

The cycle continues, and black swans will never disappear,
But can it survive to the next round,
Determines whether you can truly reverse your wealth.