Recently, a hot topic has sparked heated discussions in the crypto market—a well-known trader experienced dramatic swings from peak to trough within just two months. Starting from the market crash in mid-October, this trader was liquidated 200 times, with a total loss exceeding $22.88 million, and his account once dwindled to just $1,718.

The story behind this is quite representative. In August and September, he relied on ETH and BTC high-leverage long positions, with floating profits exceeding $44 million, and his position value reaching up to $150 million. At that time, he became a figure many retail investors eagerly tried to imitate. However, after entering October, the market environment changed sharply, and his high-leverage long strategy began to frequently blow up. Just on November 3rd, a 25x leveraged Ethereum long position was liquidated, resulting in a loss of $15 million. Subsequent attempts to reopen positions also quickly led to margin calls again.

There are completely different opinions emerging in the market about this incident. Some mock him, mainly because of the stark contrast—having previously earned big with high leverage and carrying the "whale halo," it’s natural for people to criticize him after consecutive losses. Others express admiration, believing that having the courage to bet heavily amidst market volatility truly requires guts.

But there is one question worth everyone’s serious reflection: cryptocurrency itself is extremely risky, and high-leverage trading is like dancing on the edge of a knife. This trader’s experience reflects not only personal aggressive strategies but also the real risk landscape of the entire crypto market. From floating profits with dozens of times leverage to continuous liquidations, the stark difference is enough to illustrate the point. For those wanting to participate in this market, risk control will always be more wise than chasing after quick gains.