A trader buddy of #特朗普数字资产政策新方向 recently pulled off a textbook-level crash—starting with a principal of 500,000, he kept rolling over his long positions on ETH from $2,840, and at the peak, his account soared to $3.34 million. With profits multiplying more than sixfold, who wouldn't be tempted?

The issue lay with this rollover strategy. The liquidation price kept creeping up to $3,000, and when ETH suddenly plunged overnight, two liquidations were triggered almost simultaneously. By the time he realized what happened, his position had shrunk to $730,000, with almost all hard-earned profits wiped out. Even worse, there’s now only a $42 buffer before the next liquidation.

His directional call wasn’t wrong, but leverage rollovers are like dancing on a tightrope—one small market shake and you fall off. The market is already highly volatile right now, adding more leverage is just asking for trouble.

Honestly, if ETH can’t climb back above $3,000 in the short term, a chain reaction of liquidations could continue. With derivatives, getting the direction right is only step one; risk control is the key to survival. As long as you keep your principal, there will always be more opportunities ahead; lose your principal, and even the biggest bull run has nothing to do with you.

It’s understandable to trade more actively in a good market, but don’t get carried away and play with extreme leverage. Preserving your capital is always more important than amplifying your returns.