Someone Always Has to Pay for the Feast, But I Didn’t Expect to Be the Waiter.
(Background: 2025 Latest Cryptocurrency Tax Reporting Regulations for Investors: What Are the Differences Between Domestic and Foreign Income? Can Virtual Currency Losses Be Recognized?)
(Additional Background: How to Become Wealthy in Crypto Without Relying on Luck? Financial Veteran Raoul Pal Reveals His Investment Strategy)
Under the Favorable Stimulus of US-China Tariff Easing, BTC Surges to $106,000
Under the favorable stimulus of US-China tariff easing, BTC surged to $106,000, and ETH skyrocketed 40% in three days, briefly topping the trending searches on TikTok. Established altcoins and MEME coins bloomed in the market, with daily bullish candles exceeding 30% becoming commonplace. Those who managed to get in are overjoyed, while those who are short are left dizzy. Holders are winning big once again.
My friend even said to me: “When I went out to dinner last night, walking down the street, I suddenly felt like I owned the world. I spent 300 on dinner, and after checking the exchange, I found an extra 3000u, which means I spent nothing at all. This is the confidence that the crypto world has given me!”
I opened my wallet homepage, refreshed my asset balance several times, and no longer replied to my friend.
Degen Teaches Me How to Live
On May 13, I spent the morning trading DEGEN, which was at the top of the gainers’ list with 20x leverage. DEGEN translates to “gambler” in English. As the reward token for the Web3 social application Farcaster, which was once promoted by Vitalik Buterin, and the native token of the Degen L3 chain, it performed well in 2024 (I had previously bought at a high). However, after more than a year of decline, in my opinion, its technological background and investment team have lost significance, transforming it into a member of the so-called “high-quality” altcoins that haven’t seen a pump.
Last night before bed, I actually noticed signs of DEGEN trying to break through further down the list, but due to sleepiness, I missed it. This morning at 7:30, I checked and saw a massive bullish candle breaking through the sky, topping the gainers’ list. I panicked and chased it with 20x leverage, bravely enjoying the view from the top.
After cutting losses, I saw that BTC and other mainstream coins had a pullback trend, so I reluctantly went short, oscillating between profit and loss in a torturous watch. Finally, within half a minute of the official drop, I quickly closed my position, breaking down instantly and continued to go short. However, every rebound made me panic and close my position. So even though DEGEN had a 20% pullback and I was essentially shorting, I still did not gain much profit.
In the end, BTC rebounded, while I still habitually shorted DEGEN. After DEGEN’s violent minute-long surge, I could only cut my losses. Upon counting, after a busy morning, I had lost 50% of my contract position.
Similar losses have circled back N times over the past few days.
When the whole internet is shouting “The bull market is back,” there’s always a group of contract players like me staring blankly at liquidation emails. They are not ordinary retail investors but evolved “reverse operation gene” loss-makers, using real money to enact the philosophy of “When others are greedy, I’m greedier; when others have small losses, I go bankrupt.”
They have the words “Not Wrong” welded onto their trading accounts, and “Liquidation Equals Stop Loss” is no joke here. When BTC was at $86,000, they opened short positions, believing they were the “reincarnation of Soros,” and when BTC broke through $90,000, they shouted that a technical pullback was imminent. When BTC broke $100,000, their voices became quieter, yet they still struggled for survival, eyes bloodshot as their positions neared liquidation.
Opening the position record, the frequency of these manual traders’ openings is somewhat alarming, with a single asset’s 15-minute chart filled with “BS” (Buy & Sell). Yet, when looking at contract analysis, losses far exceed profits. When they analyze Powell, U.S. stocks, bonds, and gold trends thoroughly but ultimately wipe their tears at the liquidation notice, they say, “See, I told you the main force would dump; I just opened too early!”
The most vivid example is a “seasoned trader” in the contract group I joined, who transferred all his USDT into a sketchy exchange and immediately opened a 500x short position when BTC broke $100,000. He livestreamed his daily struggle in the group:
“Day 1: 70% of the margin left, Bollinger Bands showing divergence, RSI overbought, Air Force One is assembling.”
“Day 2: Used my wedding anniversary red envelope as margin, my wife scolds me for trading, she doesn’t understand anything.”
“Day 3: The last message before liquidation was, ‘It’s the exchange’s fault, I’m going to defend my rights.’”
After liquidation, the seasoned trader actually felt relieved: “Now it’s fine, I don’t have to explain to my wife why my phone is still on at 3 AM every day.”
Another young friend boasted to me: “I never look at K-lines while trading contracts, only at sentiment indicators—when others shout to go long, I short; when they shout to short, I go long. It’s as thrilling as a pig jumping without a safety belt!”
As a result, on the night of ETH’s soaring, he rolled his 300U principal into 5000U in half an hour, posted a screenshot in the group, and before it even warmed up, 15 minutes later he messaged—“Brothers, goodbye, I’m liquidated.”
Every bull market feels like a grand Ponzi ball, and everyone dances on the K-lines. Those crying over liquidation messages and those disappointed in the revelry are not lacking in intelligence, but rather blinded by greed—stop-loss, leverage, risk. Before the real profit and loss numbers dance wildly, we must admit that we are all likely to feel dizzy.
Therefore, every time you want to showcase your profit screenshot, it often is the best time for you to take profits.
