Recently, the crypto world has staged a thrilling market drama. A popular concept coin experienced a liquidation of $1.078 million within just 60 minutes, with short positions liquidated for $861,200, and long account losses also not spared, totaling $216,800. This is just the tip of the iceberg—the entire market saw cumulative liquidations exceeding $114 million within 24 hours, with over $85 million coming from long positions being wiped out, and more than $28 million from short positions turning into nightmares. The most heartbreaking data is that over 60,000 traders were directly forced out in this wave of market turmoil.

On Coinglass’s liquidation leaderboard, there is a shocking figure: a BTC contract on Hyperliquid was liquidated for $2.5192 million. Imagine how painful it must have been for that trader to see their account balance go from positive to negative in an instant.

Looking deeper, there are clues behind these incidents. Popular concept coins often lack fundamental support and rely entirely on market hype and capital inflow. When market sentiment reverses and volatility increases, those highly leveraged positions become ticking time bombs ready to explode at any moment. Coupled with recent market turbulence and declining risk appetite, the volatility of such high-risk assets becomes as thrilling as a roller coaster.

Every time such tragedies occur, they teach the same lesson: leverage is a double-edged sword. No matter how high the market enthusiasm, it cannot change fundamental laws. Proper position management and a respectful attitude towards risk are often more effective for long-term survival than chasing hot trends.