From calm to frantic, it only takes a moment.

On October 11th, during a flash crash, the account of a leading trader experienced a massive shock. The floating loss once surged to $51.43 million, with a single-day decline of -39.24%, equivalent to replaying a whole year's worth of losses in 24 hours.

The data isn't as bleak. The margin utilization rate is held at 73.46%, leaving considerable buffer space. More importantly, this major trader has a dense strategic layout, with long, short, and hedging positions interwoven. From a risk management perspective, the probability of liquidation is relatively controllable, but the pressure to hold positions is clearly significant.

When the market drops rapidly, well-prepared players and impulsive retail traders face vastly different fates.