X @Unipcs (aka 'Bonk Guy') 🎒

Market Liquidation Event - The crypto market experienced a brutal liquidation event, particularly affecting altcoins and memecoins on centralized exchanges (CEXs) [1][3] - Many altcoins crashed 70-99% in minutes on CEXs, while Bitcoin ($BTC) and Ethereum ($ETH) barely crashed 13% [1] - The liquidation cascade happened so fast that almost no one had time to react, with exchange systems failing across the board [3] Portfolio Impact and Strategy - A trader experienced significant losses on perpetual futures (perps) positions, including $BONK and other altcoins [1] - Approximately 80% of an $ASTER position used as collateral on a DeFi lending protocol was lost [1] - The trader reallocated ~$1 million from the remaining $ASTER position into $BONK and $4, anticipating better risk/reward ratios [1] - The trader remains optimistic about $USELESS coin, believing it has the potential for significant outperformance and at least 10x upside [1] Market Analysis and Future Outlook - The market-wide crash was likely due to market maker (MM)/CEX liquidity issues, as altcoins did not reach similar lows on decentralized exchanges (DEXs) [1] - The trader believes the bull run is not over and anticipates a Q4 rally [5] - The trader plans to reduce dependence on leverage, implement sharper risk management, and focus on protecting positions from exchange-side risks [4] Risk Management and Personal Resilience - The trader emphasizes the importance of focusing on what can be controlled and learning from the event to improve as a trader [3] - The trader highlights the need for transparency in trading activities to help others learn [3] - The trader advises those who experienced losses to persist, survive, and not give up, emphasizing the importance of self-care and mental health [6]