"Who dares to short Bitcoin with 40x leverage?" The Wall Street trader James Wynn, who has gone viral, is teetering on the edge of liquidation. On the night of May 22, when Bitcoin first broke through $110,000, his short position of 449 BTC had already incurred a loss of over $18 million, with the liquidation price hanging like the sword of Damocles at $111,639 – which just happens to be the day 14 years ago when a programmer famously spent 10,000 bitcoins on pizza.

Magic realism is crazily intertwined in the crypto world: the Trump coin dinner is about to begin, the market capitalization of MEME coins has surpassed $1.1 billion, and that historically significant "most expensive pizza" is now shrouded in mystery. The two pizzas that were worth $41 back then are now valued at $1.13 billion, but more ironically – if Hanyecz had chosen to short instead of consume, based on the current opening price of $107,823, the margin he would need to maintain would be enough to buy an entire pizza shop in Florida.

The market sways between revelry and bloodshed: Wynn's $50,000 USDT margin is as thin as a cicada's wing under 400x leverage, while the operators of the "Trump concept coin" are weaving a new betting game with the liquidation price. As Bitcoin Pizza Day turns into a meat grinder of longs and shorts, perhaps we should remember: all the breathtaking candlesticks will eventually become yet another "ancient legend" for future investors over their tea and meals.