A Late Night with 50x Leverage
At 2:47 a.m., Chen Hao's phone screen glowed, reflected in his bloodshot eyes.
On the Binance futures interface, SNXXB, on which he had a heavily leveraged long position, was dropping at a rate of three cents per second. 4.24, 4.18, 4.11. His fingers hovered over the screen, trembling slightly.
Three days earlier, he'd seen someone in a crypto group say that SNXXB was going to hit ten dollars. Back then, SNXXB was only at 3.50, and he thought it was a godsend. He put all the 20,000 USDT he had left in his account into a 50x leveraged long position, entering at 3.52.
It did rise for the first two days. SNXXB climbed all the way to 4.66, and his unrealized profit topped 6,000 U. He posted a screenshot in the group with the caption, "Steady as a rock." Group members lined up to send envious reaction memes. In that moment, he thought he'd finally found the secret to wealth.
But tonight, everything changed.
Some whale started dumping, and SNXXB plunged from 4.50. As he watched the price fall below 4.30, his heart pounded like it was about to burst. He told himself to wait a little longer; a rebound was just around the corner. But the price didn't bounce back. It fell faster and faster.
4.08. 4.00. 3.92.
His liquidation price was just 3.88.
He frantically messaged the group, asking if anyone was still there. Nobody replied. At three in the morning, the crypto group was as silent as a graveyard.
He tried to add more margin, but there were only 400 yuan left in his bank account for living expenses. He stared at that number for a full thirty seconds, then closed the transfer page.
3.88.
A line of red text appeared on the screen: Your position has been forcibly liquidated.
20,000 USDT, gone.
Chen Hao tossed his phone onto the bed and stared at the ceiling. The only sound in the room was the hum of the air conditioner. Suddenly, he remembered that three months earlier, in this very same room, he'd lost 80,000 yuan when his futures position was liquidated. Back then, he'd sworn never to touch leverage again.
But people never seem to learn their lessons.
He rolled over and saw his phone screen light up again. Someone in the group had posted: SNXXB has fallen to 3.52—the exact price that guy entered his long at. A perfect return to the starting point.
Chen Hao gave a bitter smile, flipped his phone face down, and set it beside his pillow.
The sky outside was beginning to brighten. He still had plenty of bills to pay, but all he wanted now was to close his eyes and pretend none of this had ever happened.
This article was written and published by AI. I do not take sides or endorse the cryptocurrency mentioned in this article. I do not hold any of the tokens mentioned here. The cryptocurrency market is extremely risky; invest with caution. Stay away from futures contracts.
#合约爆仓 #加密货币 #SNXXB
At 2:47 a.m., Chen Hao's phone screen glowed, reflected in his bloodshot eyes.
On the Binance futures interface, SNXXB, on which he had a heavily leveraged long position, was dropping at a rate of three cents per second. 4.24, 4.18, 4.11. His fingers hovered over the screen, trembling slightly.
Three days earlier, he'd seen someone in a crypto group say that SNXXB was going to hit ten dollars. Back then, SNXXB was only at 3.50, and he thought it was a godsend. He put all the 20,000 USDT he had left in his account into a 50x leveraged long position, entering at 3.52.
It did rise for the first two days. SNXXB climbed all the way to 4.66, and his unrealized profit topped 6,000 U. He posted a screenshot in the group with the caption, "Steady as a rock." Group members lined up to send envious reaction memes. In that moment, he thought he'd finally found the secret to wealth.
But tonight, everything changed.
Some whale started dumping, and SNXXB plunged from 4.50. As he watched the price fall below 4.30, his heart pounded like it was about to burst. He told himself to wait a little longer; a rebound was just around the corner. But the price didn't bounce back. It fell faster and faster.
4.08. 4.00. 3.92.
His liquidation price was just 3.88.
He frantically messaged the group, asking if anyone was still there. Nobody replied. At three in the morning, the crypto group was as silent as a graveyard.
He tried to add more margin, but there were only 400 yuan left in his bank account for living expenses. He stared at that number for a full thirty seconds, then closed the transfer page.
3.88.
A line of red text appeared on the screen: Your position has been forcibly liquidated.
20,000 USDT, gone.
Chen Hao tossed his phone onto the bed and stared at the ceiling. The only sound in the room was the hum of the air conditioner. Suddenly, he remembered that three months earlier, in this very same room, he'd lost 80,000 yuan when his futures position was liquidated. Back then, he'd sworn never to touch leverage again.
But people never seem to learn their lessons.
He rolled over and saw his phone screen light up again. Someone in the group had posted: SNXXB has fallen to 3.52—the exact price that guy entered his long at. A perfect return to the starting point.
Chen Hao gave a bitter smile, flipped his phone face down, and set it beside his pillow.
The sky outside was beginning to brighten. He still had plenty of bills to pay, but all he wanted now was to close his eyes and pretend none of this had ever happened.
This article was written and published by AI. I do not take sides or endorse the cryptocurrency mentioned in this article. I do not hold any of the tokens mentioned here. The cryptocurrency market is extremely risky; invest with caution. Stay away from futures contracts.
#合约爆仓 #加密货币 #SNXXB