After thinking for a long time, I decided to record this. This stage is painful, full of self-doubt, frustration, and feelings of letting down my own efforts. More of a record rather than a review. A review might require more rationality.

First, I declare that I am not a perpetual profit blogger, nor do I have an invincible amount of capital. The 2M loss is accumulated over many years, earned bit by bit, and stepping on one hot spot after another. It's also the biggest drawdown since I entered the circle.

1. Contracts on Hype

In 2018, I lost over 2000 Ethereum and 100 Bitcoin while trading contracts. That painful experience made me secretly resolve to avoid trading contracts except for hedging.

At the end of the year, with Hyperliquid gaining popularity, I opened a position at 50,000 and made it to 100,000, and identified Hype as one of the few innovations in this round, which would continuously eat into Cex's market share. So, I decided to heavily invest in Hype at a high position of over 20.

Since Hype is a contract platform, it contradicts my rule of not engaging in contracts, but I wanted to experience more features of the Hype platform. Therefore, I decided to open a position with three times leverage and unlimited margin. I eventually put 1M in margin on the contract platform, which also laid the groundwork for the massive losses that followed.

When I set the 'never trade contracts' flag in 2018, I would have never thought that in 2025, I would personally tear that vow apart at Hyperliquid.

A sweet start of turning 50,000 into 100,000, a crazy decision of heavily investing with 20 dollars, a fatal operation of 1M margin paired with three times leverage... Behind these numbers lies a devil's whisper: 'This time is really different.'

2. AI agent

Yes, I missed the explosive rise of AI agents. And I bought in at a high point.
Actually, I didn't heavily invest, but as described earlier, I put 1M in the Hype contract, and I chose to chase a bit of AI agent positions with leverage of 200,000. Compared to the Hype position, I thought it was much smaller, but I still underestimated the power of leverage.

I ultimately bought at the peak for Virtual and AI6Z. The initial drop didn't feel significant since the market enthusiasm and narrative were positive. However, later I encountered market draining due to Trump and the shock to the US stock AI sector from Deepseek, causing the entire crypto circle to lose faith in AI agents. I abandoned the car midway and ended up losing over 800,000 with less than 200,000 in margin.

When I chased AI agents with 200,000 dollars, I made a mistake that a seasoned trader should never make: treating leverage as a magnifying glass, while forgetting that it is also a funhouse mirror. When Deepseek attacked the US stock market, my position collapsed under distortion, evaporating 800,000 dollars faster than negative news could spread.

After 7 years, I stumbled again with contracts.

3. Meme

I realized the importance of memes early on, so I have been building my own arsenal of tools, various on-chain monitoring, and quick purchases of smart money. Ultimately, the situation did not meet my expectations, and all my efforts seemed very ridiculous.

Let's mention a few major nodes:

1) Pnut

Following and heavily investing in Pnut allowed me to earn 1M at most from him. But it was also from Pnut that, due to rapid profit realization, my operations became more aggressive, and my risk appetite increased. In the past, my investment share in altcoins would not be this large.

It can be said that the significant total amount drawdown this round has a lot to do with Pnut's success.

"1M profit is poisoned candy, it makes you forget the common sense of holding altcoins lightly."

2) Trump

All the various tools we created on-chain, monitoring, and big players' smart money statements could not stop me from sleeping at 3 AM in the European timezone!

With my aggressive investment style at the time, monitoring addresses got 90% big results, putting in a few hundred K to make 10M should not be a problem.

And being in Europe, I happened to be among those who monitored the market for 20 hours and missed Trump's moment.

The next day, besides waking up feeling frustrated, I happened to encounter one of the most important moments in real life, welcoming my child in the delivery room.

When it rains, it pours. While I was busy in the delivery room, I saw the news in the restroom about Trump's wife launching a coin, leading to Trump's flash crash. As the inauguration had not yet arrived, Trump's 40% flash crash made me think it was a good time to enter, so I immediately sold off a lot of altcoins and bought in at around 40,000.

Then, I welcomed the newborn while having 2-3 days without much time to think and operate my leveraged AI agent tokens and the high entry Trump tokens.

A heavy and significant loss.

When the baby's first cry coincided with Trump's token's 40% flash crash, it was the first time I understood what it meant to be 'double killed by fate.'

3) The President of Argentina

The significant drawdown after Trump had already frustrated me, from theoretically missing a billion to the crazy losses in altcoins, made me determined to take my losses and exit. I would wait until I calmed my emotions and state before making further plans.

However, coincidentally, the event of the Argentine president launching a coin made me see it immediately.

This time I was awake, and I entered within 10 minutes of the market opening. This time, I told myself, it was my moment.

My wallet wasn’t enough, so I spent 10 minutes withdrawing from CEX, and after a few additional purchases, I put in 200,000 at an average price of 3 dollars.

After buying, I called my good friends in the European timezone, American timezone, and Chinese timezone (the clowns).

While scrolling through the news, I confirmed the authenticity of the coin launch. Although I thought Trump's price was only left at 20 billion and there wouldn't be excess returns here, I was still obsessed with the 'early' entry.

Soon, I made a profit of 50%. I pressed the button to sell 75%, thinking of breaking even, but found a 10% transaction tax. After confirming multiple times, the price had already started to decline.

The window of opportunity to sell was too small. When it dropped to 2 dollars, I saw the news of the dev selling off the pool. However, as someone who is averse to losses, I thought as long as the president's coin launch event is not a false event, there would be a rebound. I could minimize my losses by selling on the rebound.

The subsequent drop and rug pull events are well-known. Ultimately, I lost 80%. Exhausted, I went to bed at 5 AM, feeling that if I didn't sleep, I would collapse.

The 200,000 dollars I bet on the Argentine president's token became the most expensive alarm clock—it taught me that the sun at five in the morning never illuminates the aftermath of a rug pull.

Final Notes

"All 'wealth codes' are secretly marked with time zones—and you are always in the wrong one."
No matter how much you prepare, hitting it big requires a bit of 'fate.'

This is not a review; it’s just a record of a heartbroken me.

To encourage myself, I have made many correct decisions in the past, developed web2 products with millions of daily active users, and accumulated tens of millions of followers from scratch. I have experienced significant drawdowns several times, but I stood up every time.

This time, I believe I can do it too. From the ruins, I can grow stronger wings.

To unfamiliar friends, if possible, please leave a message to cheer me on and help you accumulate some good karma. Our opportunity hasn’t come yet, but it’s on the way.