After going through this black swan event, I’ve realized a god-tier truth about life and investing: Never mess with super leveraged loans. Even if it’s just borrowing, you’ve got to have a deep respect for risk. This liquidation wave happened because someone dumped USDE leveraged loans, triggering a chain reaction that caused market makers to get liquidated. I myself borrowed over 1,000 BNB, thinking I could ride the bull market and earn stablecoin interest. But yesterday, when BNB dropped to around 800, I was this close to being wiped out. Luckily, I got a delay. Don’t be fooled by how fast altcoins pump during normal times. Once liquidity collapses, 99% of them crash instantly, and your paper wealth can go to zero in a heartbeat. The real underlying logic of a bull market is to always have cash flow on hand. You need to keep some USDT or USDC ready to handle black swan events at any time. This wave of deleveraging was brutal. Maybe in half a month, the market will recover, and we’ll see the next round of a crazy bull run. From now on, I’ll have more respect for the market. If you’re trading, you’ve got to follow these top-tier traders: @0xRay518 @daidaibtc @dotyyds1234 @Vida_BWE. They made tens of millions, even billions of RMB this time around, while I learned the importance of cash flow.