#美国宏观经济指标链上化 Since 2025, the true picture of the $BTC and $ETH derivatives market is: liquidations have become routine. Single-day liquidations of hundreds of millions of dollars are no longer news. This reflects how active the leverage ecosystem is, and also exposes how fragile it can be.

What’s even more heartbreaking are those extreme deleveraging events. They don’t happen often, but when they do, they can instantly rewrite market sentiment and price trends. It’s often these low-frequency black swan events that catch traders off guard the most.

Honestly, surviving in such a high-volatility environment has no secret: control your leverage ratio, set strict stop-losses, and avoid over-leveraging during periods of low liquidity. These basic skills may seem simple, but the traders who can truly master them are often the ones who laugh last.