#数字资产市场动态 Recently came across a case that gave me a more intuitive understanding of the complexity of trading in the crypto world.

A trader used 10x leverage on a certain margin trading platform to buy 22,000 ZEC at an average price of $446. Currently, ZEC has surged above $510, and this single position shows an unrealized profit of $1.48 million. At first glance, it looks very impressive.

But then I looked at his account, and the problem became clear. He also holds a long position in HYPE coins, with an unrealized loss of up to $2.3 million. Profit and loss offset each other, and in the end, the entire account is actually net down by over $750,000. That’s quite heartbreaking.

This story exposes two key points.

**Opportunities and Sensitivity**

He indeed accurately captured this independent ZEC trend, using high leverage to bet, demonstrating good short-term market intuition. This shows that in volatile markets, local hot spots do exist. The question is whether you dare to pull the trigger and whether you can bet on the right direction.

**Risks and Reality**

This is the real key. Most traders share this common flaw: ineffective hedging of profits and losses, and chaotic account management. He intended to use the profits from ZEC to cover the losses in HYPE, but the profits simply couldn’t cover the hole. This vividly illustrates a principle — in the crypto market, hitting the right coin doesn’t mean victory. Managing the overall asset portfolio’s net value curve is what truly matters.

High leverage, single-coin heavy positions, and lack of effective cross-position hedging — he fell into all three traps.

Don’t be fooled by that $1.48 million unrealized profit. The truth is, the overall position is still underwater. The biggest lesson from this case is: don’t use the huge gains from a single position to numb yourself to the overall risk. In this market, those who survive are always the traders who embed risk control into their mindset. Use your brain, not your guts.