Old Yi's wealth came from the primary market.

Hua Zi lost nearly 800 million in this wave, not only wiping out all the profits from the previous rise from 1500 to 4000, but also losing 450 million in principal.

At that level, success depends on resources, vision, information advantage, and pricing power. In simple terms, the trajectory of many projects after launch is, to some extent, controlled by the "insiders."

$$But the secondary market is a chaotic system. Here, the Federal Reserve, on-chain whales, MEV bots, and even a sudden black swan can instantly dismantle your logic.

Old Yi's biggest mistake was: bringing the sense of control formed in the primary market into the secondary. When he still believed he was "capable" at ETH 4000, he was no longer trading K-lines, but his own dignity.

2. Leverage is an "arrogance" amplifier. You say he saw the rise from 1500 to 4000, which proves his overall narrative logic was sound.

But he lost because of **"Using leverage to go long spot trading is about being friends with time; even if there's a 50% pullback, as long as the assets are still there and the narrative isn't broken, there's a chance to turn things around."**

Leverage trading is an agreement with the devil. Leverage will forcefully compress your survival space. Old Yi's liquidation on ETH was essentially a **"cognitive surplus" shattered by "position management bankruptcy."** The more a person is worth billions, the easier it is to develop the illusion that "I can withstand volatility," but they forget that in the face of extreme liquidity drought, even the thickest margin is just a number that can only hold for a few more seconds.

3. The lesson Hua Zi leaves us: "In the crypto world, the shortcut to hell is trying to prove you're a genius in every dimension. We can extract three survival templates from his disaster: Skill tree isolation: earning money in the primary market (investment research/vision) and earning money in the secondary market (risk control/discipline) are two completely incompatible operating systems.

Old Yi insisted on using the "miracle of the primary market" to play the "embroidery work" in the secondary market, which is against the natural order. The illusion of profit: The billions he earned from 1500 to 4000 were actually "loaned" to him by the market. Because he failed to establish mechanisms for **"mandatory profit withdrawal" and "risk exposure hard cap."**

If he doesn't stop, this money will eventually be returned to the market in a more tragic way.