Juliana Shiraki GJRc

Blockchain Youtuber Brain哥 recently released a new video on his personal channel "Brain哥 Chill Blockchain," featuring an interview with his high school classmate "Dr. Qiu." The video recounts Dr. Qiu's experience of making millions in profits from cryptocurrency investments, only to suffer significant losses due to an Ethereum flash crash. (Background: The bull market isn't dead? Investors aren't giving up? Crypto KOLs recommend 10 key signals for market peaks) Brain哥, who has over 270,000 subscribers, published the latest video titled "Liquidated 90% of Assets! What was the high-achieving student thinking while insisting on being long on Ether...?" In the video, Brain哥 invites his high school classmate, who is also a high-achieving medical student at National Taiwan University, "Dr. Qiu," to share his experience of making millions in cryptocurrency profits and then suffering heavy losses. Below is a summary of the interview highlights. Liquidation Losses of Over a Million on Ether At the beginning of the video, Dr. Qiu talks about how he lost several million in assets during Ethereum's significant drop in March, detailing the events that led to his liquidation. He indicated that around mid-last year, after evaluating the overall market, he believed that the current crypto market might be in the mid-phase of a four-year bull cycle, so he decided to adopt a long-term strategy: I want to create a strategy, during a bull market, to hold major coins, with low leverage, and long-term contracts. On August 5 of last year, when the market flashed crashed, I used DCA to buy spot, or I transferred my spot to open contracts. I had Bitcoin contracts all the way up to the liquidation line of around 40,000, and at that time the coin price was about 50,000, with the contracts opened at nearly 5 times leverage. I also bought Ether all the way, with the liquidation line around 1800 to 2000 USD. Then, Dr. Qiu mentioned that after Trump was elected, his assets skyrocketed over 5 times in just one month from 200,000 TWD. He judged that the crypto bull market might not be over yet, and Bitcoin could surge to 180,000 to 200,000 USD in the future, so he decided to adopt a "profit-rolling" strategy: During the rise, I kept using my floating profits to increase my position, meaning that when Bitcoin was at 100,000 (5 times leverage), I kept adding to my position until the liquidation line became 80,000, and for Ether (3 times leverage), I kept increasing my position until the liquidation line became about 2800 USD. During this process, Dr. Qiu admitted that he thought this strategy was quite safe: Is it possible that during the ongoing bull market Ether could drop 33% and liquidate me? Could Bitcoin drop 20% and liquidate me? Dr. Qiu continued to explain that, actually, before the Ethereum crash on February 3, there were already signs of a breakdown in Ethereum's candlestick chart, but he didn't pay much attention and believed that the previous frequent retests of 3000 USD marked the bottom price for Ethereum. In hindsight, he realized that placing the liquidation price of a large position so close to the spot price (2800 USD) was extremely risky. During the flash crash on February 3, Dr. Qiu stated that he used his Bitcoin position to supplement Ethereum's margin, ultimately leading to liquidation. His assets plummeted from a peak of 2 million TWD to only about 200,000 TWD: As Ethereum got closer to 3000, logically, I should have cut losses if it broke 3000, but at that time I was too psychologically confident in the 3000 support level. So during this process, I kept injecting USDT to supplement my margin, and the liquidation price was lowered to 2500 USD. As a result, during the night of February 3, it dropped from 2900 to 2700, 2600, and I couldn't sleep at all, it was terrifying. When the flash crash happened at 9 AM, it went from 2600 straight to 2100, and I started selling my Bitcoin position to save my Ethereum position, selling and saving all the way, but it still got liquidated in the end. If I hadn't sold my Bitcoin position at that time, I would have only liquidated my Ethereum position, but I ended up using my entire Bitcoin position to save Ethereum, and in the end, I had almost nothing left. My assets had originally peaked at about 2 million TWD, and then by the end of that day, I had only about 200,000 TWD left. Feelings and Reflections After Liquidation Next, Brain哥 and Dr. Qiu discussed the feelings after the liquidation. Brain哥 mentioned that he had also experienced similar situations during the LUNA and FTX incidents: For me, during the LUNA incident in 2022 and with FTX, I also went through similar situations. The only difference was that during LUNA, I was in the military, so my feelings and responses at that time were that I couldn't do much, just continue practicing my marksmanship. Then with FTX, I really went crazy, because at that time FTX had a week for you to withdraw funds, and I also did nothing, and then it blew up. At that time, I had to get up immediately because I needed to make a video for everyone to see. I couldn't say, "It's over, this channel has to close." I spent a lot of time thinking about how to proceed now that things had already happened. Dr. Qiu stated that when he was liquidated, he felt completely numb and didn't want to do anything: Because I kept interpreting the Ethereum chart as a bull flag formation, logically, if it breaks below the lower trendline of the bull flag, the right action should be to cut losses. But I thought it was too ridiculous; how could it drop from 3000 to 2000 USD? However, after reviewing and reflecting, he indicated that he needed to be more flexible in position management, using trailing stop losses to make positions healthier. Persisting with the "Profit-Rolling" Strategy In addition, Dr. Qiu also stated that he would persist in using the "profit-rolling" strategy to go long on Bitcoin and Ethereum. He believes that it wasn't the strategy that was wrong, but rather that he didn't execute the strategy according to the standard. At that time, when Brain哥 interviewed Dr. Qiu in March, Dr. Qiu mentioned that his current Bitcoin position was at 3 times leverage with a liquidation price at 60,000 USD; for Ethereum, it was at 2 times leverage with a liquidation price below 1500 USD: If these two points are reached, the bull market is basically over. Related Reports: US non-farm data is coming tonight! Analysis: Bitcoin is severely oversold, the labor market is weak, or cryptocurrency rebounds. US stocks plummet, Rich Dad shouts, "I said it long ago": Quickly buy Bitcoin, gold, and silver for survival. Happy 50th Birthday, Satoshi Nakamoto! The ban on gold was hidden in the design, and he left a message in the genesis block, conveying the belief in decentralization through Bitcoin. "Brain哥 interviews a high-achieving medical student from National Taiwan University: Making millions through contracts, yet liquidated 90% of assets due to Ethereum flash crash" This article was first published on BlockTempo (the most influential blockchain news media).