Numbers flowed on the screen like blood, my fingers trembled on the keyboard, yet I was powerless to change the outcome.
September 25, 2025, should have been a day worth celebrating. Bitcoin had just reached a high of $113,300 a few days earlier, and my account balance had also surpassed $500,000. As someone who has been in the crypto space for five years, I thought I had seen all the ups and downs. However, what happened in less than 24 hours made me deeply understand the **cruel nature of the cryptocurrency market**.
That morning, I sat in front of the computer, watching Bitcoin fluctuate around $113,000. Analysts pointed out that $113,000 is a strong support level and a sign that the correction may be coming to an end. This boosted my confidence, and I decided to **increase leverage to go long**.
## 01 Signs of a Storm
The market has actually sent out warning signals. The inflow of funds into Bitcoin spot ETFs has decreased by more than 50% compared to the previous week, while Ethereum ETFs have seen nearly $300 million in outflows. But I was blinded by my previous successes and ignored these warning signs.
That afternoon, Bitcoin began testing the support level of $111,000. I wasn't too worried, thinking it was just a normal pullback. After all, Federal Reserve Governor Milan had just made dovish comments advocating for "short-term, large" rate cuts. This should be a positive sign, right?
However, the market trend is contrary to the fundamentals. Bitcoin first broke through the support levels of $115,000 and $112,000, and then further declined.
## 02 The Collapse
In the evening, the **crash officially began**.
At 7:21 PM, Bitcoin **fell below the key support of $110,000**. My heart started racing, but I still held onto a glimmer of hope, expecting it to rebound quickly like before.
However, hope was soon dashed. Within less than an hour, Bitcoin continued to drop to $109,018. The entire market fell into panic, and Ethereum also plummeted by 6.17%, falling below $3,900.
I watched helplessly as margin call notifications popped up one after another. Just a few days ago, the market had just experienced a liquidation of **$1.7 billion**, with over 400,000 traders being liquidated. And today, the tragedy repeated itself, with more than 250,000 people liquidated globally within the last 24 hours, totaling **$1.155 billion** in liquidation.
## 03 Desperate Vigil
Late at night, Bitcoin hovered around $109,000. My account has shrunk by nearly **90%** from its peak, returning to pre-liberation levels overnight.
Analyst AlphaBTC's views were proven right — Bitcoin indeed fell to $108,000, and even into the $105,000-$100,000 range. Michael van de Poppe's warning also came true: if Bitcoin loses the support area of $112,000-$110,000, the price could drop to $103,000-$100,000.
That night, I couldn't sleep. Technical indicators were all pointing negatively: the MACD histogram was deep in the negative territory, and the RSI showed that the market was nearing oversold but still had room to fall. Worse still, market liquidity became extremely thin, with any moderate-sized sell order causing severe volatility.
## 04 Reflection After Margin Call
Looking back now, this disaster was not without warning. On one hand, Federal Reserve officials emphasized that further rate cuts would heavily depend on data, and the upcoming PCE inflation data is expected to still be above the Fed's 2% target, keeping investors cautious.
On the other hand, **high leverage and the fragility of the market** jointly caused this tragedy. When Bitcoin broke through the key support level, a chain liquidation fell like a domino effect, creating a vicious cycle.
If I had noticed these signals at that time, perhaps I could have avoided this disaster:
- The seven-day actual volatility of Bitcoin has dropped to extremely low levels, indicating that a large-scale market movement is brewing.
- The supply of Bitcoin on exchanges continues to decrease, and the market depth is exceptionally fragile.
- Institutional fund inflows have significantly slowed down.
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On the second day after the liquidation, I watched Bitcoin oscillate around $109,000. Those long-term holders who did not use high leverage were not affected by this type of short-term volatility at all. They continued to hold, waiting for the next rise.
And I, once a confident trader, lost most of my funds in this crash. The essence of the market has never changed — every boom and bust completes a redistribution of wealth, and this time, I was the one being redistributed.
In the cryptocurrency market, surviving is more important than making more money. If I had the chance to do it all over again, I would definitely set stricter risk management strategies. But the market never gives people a chance to start over, which is the cruelest yet fairest aspect of it.
