Been browsing for a bit and noticed the recent buzz in the English-speaking community—people saying Leopold just needs to hold on for two more days. But is this really about whether he can hold on? His leveraged stock assets at 2x margin have already triggered a margin call, and if he can’t cover it, he’s facing forced liquidation. Without the massive unrealized gains from primary market investments like Anthropic propping him up, his overall returns for the year would be negative. And let’s not forget, those primary market investments were mostly secured through connections—ordinary folks couldn’t even get in back then. If he gets liquidated, even those primary market gains might not be safe. This phase’s bottom is actually the result of Leopold, the obvious leveraged whale, throwing in the towel.