The margin call at 3 a.m. is more suffocating than any horror movie. This is not a fictional plot, but a true reflection of what crypto market participants experience every day.

I will never forget that phone call. When the phone kept vibrating in the middle of the night, the numbers on the screen were suffocating— a trader claiming to be a "market veteran," whose 3 million assets vanished within hours. He only left one sentence: "This time, I might not make it."

The crypto market is essentially a battlefield without gunfire. Data speaks the loudest. On October 11, 2025, Bitcoin's 30-minute drop reached 13%, with $19.1 billion in funds instantly wiped out in a liquidation cascade, and 1.62 million investors forced to liquidate.

What’s even more alarming is that night at the end of 2024. The top trader WhiteWhale, regarded as the "smart money" in the circle, saw his account evaporate $62 million overnight. Not in the thousands, not in the hundreds of thousands, but a solid $62 million—equivalent to hundreds of millions of RMB, enough to buy multiple luxury homes in the core area of Beijing.

If professional traders can't escape unscathed, do ordinary investors still have a chance? The answer is yes. But the premise is that you must recognize a reality: in this market, you seem to be surfing, but in fact, you are just a speck of dust in the waves. This is not a coincidence, but a systemic rule of the market.