2025 is destined to be recorded in the history of the crypto world, but the ending will be completely different from what most people expect.

I will never forget the scene at three in the morning. My phone buzzed and vibrated as an investor was awakened by a margin call notification from the trading platform—$200,000, along with all leveraged positions, disappeared in an instant. This is not a fictional plot; on October 11th, 1.64 million people worldwide experienced such a nightmare.

That day, Bitcoin plummeted over 8% in a single day, breaking below $106,000, with nearly $19.2 billion in market value evaporating within 24 hours. I almost became one of the statistics myself.

Having been in this market for many years, watching from the sidelines as 2025 shifted from "positive expectations for the new government" to the largest-scale retreat in history, the feeling is truly uncomfortable.

**Visible market, intangible opportunities**

The surface work is not bad. In 2025, Bitcoin indeed hit a new high, and the new government’s arrival also gave many people hope. But a closer look at the market reveals that the reality is far less optimistic.

The market has already split into two worlds. Bitcoin’s market share in the entire crypto asset space surged to 64%, the highest since January 2021. To understand it from another perspective—funds are clustering around the mainstream, and those who are not holding tokens like Bitcoin and Ethereum are living in a winter of survival.

A friend of mine specifically bets on small coins; his account has shrunk by over 40% this year. His comment left a deep impression on me: "This market is like a mirage, it looks like opportunity is right there from afar, but when you get closer, you realize it’s all fake."

**Leverage is not a fast track, but a meat grinder**

Many people see leverage as the secret to overtaking on curves. But in reality?