Machi loses his entire $260K entry stake in one day
Huang Licheng deposited $261,000 into Papertrade yesterday. Today, his account has just $5,682 left. His cumulative losses on perpetuals reached $779,000, offset by $394,000 in USDC staking rewards, leaving a net loss of $382,000.
$260,000 wiped out in a day. High-leverage short-term positions were repeatedly stopped out by market makers in a narrow trading range, turning clusters of stop-loss orders into cash machines. BTC briefly pierced the top of its range but failed to hold; ETH struggled to follow. Funds shifted toward lower-volatility yields such as USDC staking, signaling a clear pullback in risk appetite. In the short term, BTC may retest its previous low before building momentum. ETH remains weaker than BTC, with limited upside on any rebound. A catch-up rally in altcoins will have to wait until BTC breaks above the top of its range and holds there on strong volume.
For those holding long positions, what’s your entry price? Are you brave enough to add on this wick?
$BTC $ETH $USDC
Huang Licheng deposited $261,000 into Papertrade yesterday. Today, his account has just $5,682 left. His cumulative losses on perpetuals reached $779,000, offset by $394,000 in USDC staking rewards, leaving a net loss of $382,000.
$260,000 wiped out in a day. High-leverage short-term positions were repeatedly stopped out by market makers in a narrow trading range, turning clusters of stop-loss orders into cash machines. BTC briefly pierced the top of its range but failed to hold; ETH struggled to follow. Funds shifted toward lower-volatility yields such as USDC staking, signaling a clear pullback in risk appetite. In the short term, BTC may retest its previous low before building momentum. ETH remains weaker than BTC, with limited upside on any rebound. A catch-up rally in altcoins will have to wait until BTC breaks above the top of its range and holds there on strong volume.
For those holding long positions, what’s your entry price? Are you brave enough to add on this wick?
$BTC $ETH $USDC