#比特币对比代币化黄金 Some wealth secrets can cost you everything to unlock—here’s a textbook-level risk demonstration from a well-known player’s ETH leverage rollover crash.

This veteran started with $500,000, opening a leveraged long position on ETH when the price was $2,840. The first half of the story is invigorating: as the price climbed to $3,200, his account’s unrealized profit soared to $3.34 million—a nearly sixfold gain in just a few days. But the devil of the rollover strategy lies in this: it drags your liquidation price up like a water pump, and his liquidation line had already been pushed up to $3,000.

The sudden ETH plunge in the early morning caught him completely off guard. After the price broke below $3,000, two consecutive forced liquidations hit like dominoes, and his account value plummeted from $3.34 million to $730,000. Even worse, his remaining position was only $42 away from another liquidation—meaning if ETH dropped just another 1.4%, the game would be over.

Rollover strategies essentially use unrealized profits to open new leveraged positions, causing returns to grow exponentially, but at the same time exponentially reducing risk tolerance. This case vividly demonstrates: in highly volatile markets, leverage can make you rich overnight—or send you right back to square one, or even worse.