#永续合约与杠杆交易 Seeing this wave of forced liquidations, I was reminded of the scene at the end of 2017. Back then, leveraged contract trading was just emerging, and many were liquidated overnight. As Bitcoin dropped from its peak, the sound of margin calls and liquidations was everywhere. Looking at this news again today, the core logic hasn't changed—perpetual contracts, this double-edged sword, always cut the deepest when the market turns sharply.

Forced liquidation essentially reflects an eternal paradox: the higher the leverage, the greater the profit illusion, but once the critical point is triggered, the crash comes even faster. Behind this Bitcoin decline are factors like stalled crypto legislation progress, weakened corporate buying effects, and global policy uncertainties. Market risk appetite was already declining. In such an environment, those holding leveraged positions are the first to be cut.

I've gone through several cycles, and each time I see the same story replayed—someone makes quick money with leverage, only to be wiped out overnight during a correction. Gold, counter to the trend, rose near its historical high, indicating that smart money was already retreating to safe assets. This signal is very clear: no matter how good the story of risk assets, in times of liquidity crunch and policy uncertainty, all high-leverage positions are ticking time bombs.

True long-term participants have long learned one lesson—perpetual contracts can make you quick profits, but they can also wipe you out just as fast. Knowing when to reduce leverage is actually the most important skill to survive the cycle.