The cryptocurrency winter is back, and the cruelty exceeds imagination.
Bitcoin fell from a historical high of $126,000 on October 12, 2025, to a low of $60,000; Ethereum plunged over 60% from its high of $5,000. Retail investors are bleeding, and once-glamorous whales and listed companies are also pushed to the brink. The saying "99 out of 100 people lose in trading" is not an exaggeration, but the most realistic portrayal of the industry in 2025.
Taiwanese artist Huang Licheng (Brother Ma Ji) is a typical victim of this round of collapse. This high-profile player in the crypto world opened a long position with 25x leverage at the ETH price of $4,700, and then the market plummeted to $1,900. In just six months, he faced 145 liquidations, and $74 million in funds vanished into thin air. Even using DAO funds from five years ago to cover losses was futile, and in the end, only $8,500 remained in the account. The so-called "infinite bullets" ultimately cannot escape the fate of running out of ammunition in the face of high leverage against the trend.
Retail investors and celebrities continue to incur huge losses, and the collapse of listed companies is even more alarming. Strategy, which once firmly proclaimed to "always hold Bitcoin," revealed a staggering net loss of $12.4 billion in its fourth-quarter 2025 financial report. The company holds 713,500 Bitcoins, with a total holding cost of $54.26 billion and an average cost of as much as $76,052. After the price of Bitcoin fell below $60,000, the paper loss once approached $9 billion. Founder Saylor finally conceded that "selling Bitcoin is also an option," completely overturning the previous hardline stance of only buying and not selling.
This company, which became famous for its "stock-coin linkage," is trapped in a life-and-death crisis amid the plummeting coin prices. The stock price plummets alongside the coin price, putting the survival of the company in jeopardy. From retail investors facing liquidation, to celebrities' leverage going to zero, to giants turning to survival, the crypto world has shattered all fantasies of getting rich overnight with this crash. High leverage, counter-trend operations, and blind faith ultimately turn into cold numbers on liquidation statements; the so-called wealth feast is merely a capital game of first creating dreams and then harvesting them.
Bitcoin fell from a historical high of $126,000 on October 12, 2025, to a low of $60,000; Ethereum plunged over 60% from its high of $5,000. Retail investors are bleeding, and once-glamorous whales and listed companies are also pushed to the brink. The saying "99 out of 100 people lose in trading" is not an exaggeration, but the most realistic portrayal of the industry in 2025.
Taiwanese artist Huang Licheng (Brother Ma Ji) is a typical victim of this round of collapse. This high-profile player in the crypto world opened a long position with 25x leverage at the ETH price of $4,700, and then the market plummeted to $1,900. In just six months, he faced 145 liquidations, and $74 million in funds vanished into thin air. Even using DAO funds from five years ago to cover losses was futile, and in the end, only $8,500 remained in the account. The so-called "infinite bullets" ultimately cannot escape the fate of running out of ammunition in the face of high leverage against the trend.
Retail investors and celebrities continue to incur huge losses, and the collapse of listed companies is even more alarming. Strategy, which once firmly proclaimed to "always hold Bitcoin," revealed a staggering net loss of $12.4 billion in its fourth-quarter 2025 financial report. The company holds 713,500 Bitcoins, with a total holding cost of $54.26 billion and an average cost of as much as $76,052. After the price of Bitcoin fell below $60,000, the paper loss once approached $9 billion. Founder Saylor finally conceded that "selling Bitcoin is also an option," completely overturning the previous hardline stance of only buying and not selling.
This company, which became famous for its "stock-coin linkage," is trapped in a life-and-death crisis amid the plummeting coin prices. The stock price plummets alongside the coin price, putting the survival of the company in jeopardy. From retail investors facing liquidation, to celebrities' leverage going to zero, to giants turning to survival, the crypto world has shattered all fantasies of getting rich overnight with this crash. High leverage, counter-trend operations, and blind faith ultimately turn into cold numbers on liquidation statements; the so-called wealth feast is merely a capital game of first creating dreams and then harvesting them.