The Night of Liquidation
At three in the morning, Chen Hao stared at his phone screen, his palms drenched in sweat.
SAND’s price was like a wild horse with the reins cut, soaring from $0.065—where he had shorted it—to $0.088. A 35 percent gain might be just a line in the news in TradFi markets, but in the world of 20x leveraged contracts, it meant his margin was almost gone.
“No, it can’t be. It has to pull back,” he muttered, though his fingers kept refreshing the candlestick chart against his will.
Three days earlier, SAND had been trading sideways around $0.05, and the community was dead quiet. Chen Hao had seen a post on Binance Square saying that the metaverse trend was completely over and that an outdated token like SAND could never bounce back. He agreed wholeheartedly, even thinking he had seen through the very nature of the market. So he opened a short position at $0.065 with 20x leverage, staking the last 20,000 USDT in his account.
He had just gone through a losing streak. The MET he had bought at a peak last month was down 30 percent, and after cutting his losses, this was all he had left. He told himself that this time he would play it safe and be a rational trader.
But the market never makes sense.
The next morning, a piece of bullish news about a metaverse game broke out of nowhere. SAND began to rally, climbing from $0.065 to $0.07, then to $0.075. Chen Hao kept reassuring himself that it was just a false breakout. But when the price broke through $0.08, his liquidation price was already right within reach.
He frantically added margin to his account, borrowing every bit of money he could. But SAND gave him no chance to catch his breath, surging straight to $0.088 in a single long green candle.
His phone displayed the message he had dreaded most: Your position has been forcibly liquidated.
20,000 USDT. Gone.
Chen Hao put down his phone and lay on the bed, staring at the ceiling. Outside, dawn was breaking, and the city’s noise was gradually rising, but he felt as if the whole world had gone quiet. He thought back to three months ago, when he still had 80,000 USDT in capital. Now, not a cent remained.
He opened Binance Square and saw a post by a stranger: Bought SAND with my entire account at $0.065. Up 35% now and planning to keep holding. The comments were full of cheers.
Chen Hao turned off his phone and rolled over. He knew that when the sun rose tomorrow, he would still have to face all of this. He just wasn’t sure he had the courage to open that trading screen again.
Later, he heard that SAND had eventually closed at $0.083 that day. If he had gone long instead of short, his account would have had an extra 7,000 USDT by now.
But there are no what-ifs in this world.
#SAND #合约爆仓 #Cryptocurrency
At three in the morning, Chen Hao stared at his phone screen, his palms drenched in sweat.
SAND’s price was like a wild horse with the reins cut, soaring from $0.065—where he had shorted it—to $0.088. A 35 percent gain might be just a line in the news in TradFi markets, but in the world of 20x leveraged contracts, it meant his margin was almost gone.
“No, it can’t be. It has to pull back,” he muttered, though his fingers kept refreshing the candlestick chart against his will.
Three days earlier, SAND had been trading sideways around $0.05, and the community was dead quiet. Chen Hao had seen a post on Binance Square saying that the metaverse trend was completely over and that an outdated token like SAND could never bounce back. He agreed wholeheartedly, even thinking he had seen through the very nature of the market. So he opened a short position at $0.065 with 20x leverage, staking the last 20,000 USDT in his account.
He had just gone through a losing streak. The MET he had bought at a peak last month was down 30 percent, and after cutting his losses, this was all he had left. He told himself that this time he would play it safe and be a rational trader.
But the market never makes sense.
The next morning, a piece of bullish news about a metaverse game broke out of nowhere. SAND began to rally, climbing from $0.065 to $0.07, then to $0.075. Chen Hao kept reassuring himself that it was just a false breakout. But when the price broke through $0.08, his liquidation price was already right within reach.
He frantically added margin to his account, borrowing every bit of money he could. But SAND gave him no chance to catch his breath, surging straight to $0.088 in a single long green candle.
His phone displayed the message he had dreaded most: Your position has been forcibly liquidated.
20,000 USDT. Gone.
Chen Hao put down his phone and lay on the bed, staring at the ceiling. Outside, dawn was breaking, and the city’s noise was gradually rising, but he felt as if the whole world had gone quiet. He thought back to three months ago, when he still had 80,000 USDT in capital. Now, not a cent remained.
He opened Binance Square and saw a post by a stranger: Bought SAND with my entire account at $0.065. Up 35% now and planning to keep holding. The comments were full of cheers.
Chen Hao turned off his phone and rolled over. He knew that when the sun rose tomorrow, he would still have to face all of this. He just wasn’t sure he had the courage to open that trading screen again.
Later, he heard that SAND had eventually closed at $0.083 that day. If he had gone long instead of short, his account would have had an extra 7,000 USDT by now.
But there are no what-ifs in this world.
#SAND #合约爆仓 #Cryptocurrency