🚨 A memorable day丨Those who have not experienced the bloodbath of the crypto market on March 12 will never know how terrifying a black swan can be——

For two consecutive days, $BTC and $ETH fell by 10% each day, causing panic and fear among people;

Then it entered a period of sideways consolidation, with the vast majority of short positions being closed;

Little did anyone know that the U.S. stock market would experience a second circuit breaker that night, plummeting another 30%;

After three days of bloodshed, there began to be signs of a bottoming rebound. Many believed that the negative impact of the stock market circuit breaker had been digested, and they started buying the dip again, confidently thinking this was the absolute bottom;

To everyone's surprise, the next day, after rebounding to 6230u for BTC, a sudden massive spike drove it down to 3790u, and ETH dropped from 145u to 86u.

I was completely stunned; 90% of people were liquidated overnight!

Since then, I have never touched contracts again.

When a black swan arrives, it is truly terrifying; a chain reaction leads to an extreme liquidity crisis, making it impossible to predict the market with normal logic.

Even if the directional judgment is correct, the continuous funding rate loss can erode profits during the volatility of a black swan event.

Spot holders may only suffer from asset depreciation, but contract players can be completely wiped out due to a single extreme fluctuation. This is the most expensive lesson I learned on March 12!

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