I was heavily in debt during the bull market and lost 1 million.
In September 2023, after research, I was very sure that the bull market was coming, the BTC ecosystem would rise, and with the approval of ETFs, it would become the engine of the bull market.
At that time, I had no money, and Myanmar A had exhausted me. Since the news in August 2023 called on everyone to buy the bottom of A shares, I have lost half of it and lost all my savings...
In order to buy the bottom of the currency circle, I started to borrow money from major credit loans, banks, Jiebei, Weilidai, etc., and finally raised more than 700,000 local currencies, some with an annualized interest rate of up to 20%... At the peak, I needed to repay 80,000 yuan every month, and I was constantly borrowing to support the belt, which made me breathless. But in order to turn over, in order to regain what I had lost before, I must bet on this wave!
Gradually, I changed from C2C to U, and began to wander in the secondary market. I bought $SOL and $TIA at the bottom, all at the bottom.
The first time I suffered a huge loss was because of 5x leverage. At that time, I thought that the bull market was coming, and I would have to wait for such a small amount of capital, so I opened the leverage. As a result, because of the drop after BTC rose, the depth of small currencies such as STX I held was not enough, and they fell by more than 30% in an instant, and I was wiped out. At that time, I held a large position in STX and TIA. These two coins were 5 to 10 times higher later. I bought them all at the bottom, but I was eliminated because of the depth problem...
I lost a little money and decided to go to the chain to get inscriptions to recover my capital. At that time, I just discovered the inscriptions on Avax, and I thought it was great. The experience was smooth and much better than that on BTC, so I put all the remaining money into it... Later, everyone also knew that all fell by more than 95%, and my last hope was extinguished.
I was sad for more than half a month, and I felt that I couldn’t go on like this. I had to cheer up. There was only one chance in life. So I borrowed all the high-interest loans I could use. The debt ratio was very high, with an interest rate of 28%...
After raising the last sum of money, I excitedly returned to the market. This time my goal was NFT. I invested a lot of money in a BTC L2, and ended up losing 90%... I bought a lot of Bitcoin NFTs, all from two or three hundred to zero, only a few doubled, but the money was getting less and less.
I couldn't sleep at night, and all the pain came from having too high expectations of myself. My body was getting weaker and weaker, and I couldn't meet the needs of the sisters. The tips I received were getting less and less. It was a vicious cycle with no end in sight.
