Unfortunately, I received a message from a friend earlier. Their total assets of 1 million were wiped out in a contract. They didn't use high leverage, only two times leverage, but chose to invest in a certain altcoin. This friend saw that the altcoin had already dropped 80%, and then went long with two times leverage, resulting in the altcoin dropping another 70% from that point.

The 1 million (I didn't ask what currency) is the money this friend earned from scratch, but the liquidation didn't happen today. This friend has been holding this position for almost a year, and in their own words, it has been "a year feels like a day." If it were $BTC, the loss wouldn't be significant, and even with $ETH, it wouldn't lead to liquidation, but with altcoins, where is the bottom?

Fortunately, this friend is still young, only 21 years old, and has plenty of opportunities. They mentioned they are already delivering food; being young means there are chances to start over. Today, I chatted with three major miners, and they all said they are not cut out for trading, just doing some dollar-cost averaging and wealth management, and as a result, they have been able to maintain their wealth growth, almost never touching altcoins.

Today is destined to be another sleepless night; I hope everyone is doing well.

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