In six days, I lost 2.5 million.

This is a period Zhang Qi is most reluctant to mention. But he said that if it could help others avoid this path, he is willing to speak out.

Zhang Qi, from Shenzhen, born in the 90s, is a mid-level manager in the internet industry. Like most workers, he wanted 'financial freedom', but he chose the fastest route - trading cryptocurrencies.

In 2020, he first heard about Bitcoin. At that time, Bitcoin was less than 30,000 each, just over 200,000 yuan. He didn't pay attention.

But by early 2021, Bitcoin surged, breaking through the 60,000 mark. Friends, WeChat groups, Weibo, Zhihu, everywhere spoke of the wealth myths in the cryptocurrency space:

'You trading stocks for three years is not as good as me trading cryptocurrencies for three days.'

'Today it's +30% again.'

'Still at work? You're outdated.'

Zhang Qi couldn't sit still. He started watching YouTube, browsing Reddit, joining cryptocurrency chat groups, and even spent 3,000 yuan to sign up for a so-called 'contract masterclass'.

Soon, he deposited his first sum of money: 300,000.

At first, he only bought some Bitcoin and Ethereum. The market was indeed fierce, and it doubled in less than three months.

'I began to think I had some talent.'

But what really made him feel euphoric was the contracts.

He used leverage, 5x, 10x, 20x, betting on the right direction time after time, making 30,000 to 50,000 a day became the norm. Later, he summarized, 'At that time, I was no longer investing, I was gambling, and I was winning.'

By May 2021, his total assets were approaching 10 million yuan. He began to fantasize about buying a house, a sports car, and even considered quitting his job to become a professional investor.

Until that day - May 19, 2021.

People in the cryptocurrency world refer to that day as '519 Bloodbath'.

At 3 a.m., Bitcoin plummeted from nearly 40,000 to 30,000, with a drop of over 30% during trading; Ethereum nearly halved.

Zhang Qi woke up in the middle of the night, looked at his phone, and was stunned.

In the account, there were more than 9 million, but now there is less than 1.8 million.

But he wasn't giving up. 'It will rebound eventually.'

He didn't close his position; instead, he increased his leverage, preparing to buy at the bottom.

The result was liquidation.

'I still remember that page, it was red, displaying 'Your margin is insufficient, position forcibly closed.'

In a few seconds, his last hope was gone.

Account balance: 1,427 yuan.

Zhang Qi recalled those days as almost delirious. 'I sat at the subway station for a whole day, not knowing where to go. I didn't want to eat or answer calls.'

He didn't tell his parents or his girlfriend.

'I'm afraid she'll collapse when she finds out; in fact, I've already collapsed myself.'

Later he realized, he was not the only one.

That week, photos of liquidated accounts were shared across major communities in China:

• 'Lost the down payment for a house'

• 'Lost all the dowry my wife gave me overnight'

• 'On my 30th birthday, my account hit zero'

Zhang Qi said, at that moment he truly understood that the cryptocurrency world is not paradise, it is a casino.

If you win, it's luck; if you lose, it's fate.

It took him half a year to recover and return to the workforce. His previous contract account had long been canceled, and there were no cryptocurrency apps left on his phone.

'I no longer fantasize about getting rich quickly; I just hope no one else walks the path I walked.'

A final warning

Zhang Qi's experience is not an isolated case.

In May 2021, more than 100,000 people in China lost all their assets due to contract liquidation, including many ordinary workers, university students, and entrepreneurs.

Trading cryptocurrencies has never been risk-free. Especially with leveraged contracts, it is a deadly knife; as soon as the market changes, if you can't run away in time, all that's left is regret.

This is not just Zhang Qi's liquidation diary, but a footnote to a generation's impulses and greed.