There are no gods in the crypto world that last forever

Last night, a shocking piece of news spread through the entire crypto community.

The so-called "insider whale" Garrett Jin had his account liquidated. Loss amount: $250 million.

Just a few months ago, this guy was a legend in the crypto world. He accurately shorted before the extreme market on 10/11, betting on Trump’s pardon of CZ and successfully landing. There were even rumors in the community that he had insider information about Trump.

And what happened? A long ETH position today completely brought him back to reality.

Yesterday’s god, today might just be a rookie.

My first reaction to this news was not shock, but an indescribable sense of familiarity. Too many people have gone through this cycle.

In 2017, many were regarded as crypto gods for catching Bitcoin’s rise from $1,000 to $20,000. But in 2018’s bear market, 90% of them disappeared.

In 2021, DeFi mining made countless people overnight millionaires, with various "professors" and "masters" emerging. After the Luna collapse, how many people fell from cloud nine?

Now it’s Garrett Jin’s turn.

The most toxic thing in the crypto world isn’t losing money, but thinking you’re really smart.

A few successful trades can make you believe you have superpowers. You start adding leverage, holding heavy positions, and thinking the market will move according to your will.

But the market never caters to anyone, no matter how glorious your past was.

I’ve seen too many stories like this. Someone catches a bull run, makes tens of millions, then starts showing off wealth and giving advice. The next cycle, not only do they lose everything they made, but they also lose their principal.

Why does this happen?

Because most people can’t tell the difference between luck and skill.

How much of Garrett Jin’s success was due to real judgment, and how much was luck? Now it seems luck might have played a bigger role.

True experts never fully credit their success to ability. They understand market uncertainty and know that black swans can appear at any time.

So they control their positions, diversify risks, and leave themselves an escape route.

But Garrett Jin clearly didn’t. A $250 million loss shows how large his positions and leverage were.

This reminds me of Buffett’s famous saying: Only when the tide goes out do you discover who’s been swimming naked.

The tide in the crypto world recedes especially quickly and cruelly.

If you’re feeling upset about your losses right now, looking at Garrett Jin’s example might make you feel better. At least you haven’t lost $250 million, and at least you still have a chance to start over.

But more importantly, learn a lesson from this story:

Never believe you are the god of the market. The market only lets you win a few times occasionally, then delivers a fatal blow when you’re most confident.

Maintain reverence, control risks—this is more important than any technical analysis.

Because in this market, survival is more important than anything else. #加密市场回调 $BTC $ETH