This ETH correction came hard, and this time Maji's rolling long position profits were wiped out. Now there's only $42 left before the liquidation price—a real dance on the knife's edge.

Here's what happened: He used a principal of 500,000, and started leveraging long ETH from $2,840, rolling his position along the way. The day before yesterday, when ETH surged to $3,200, his account's unrealized profit had swelled to $3.34 million. But there's a fatal flaw with rolling leverage—while you're making money, your liquidation price also gets pushed up to $3,000. As a result, with a market retracement early this morning, most of the previous profits evaporated. High leverage can definitely magnify returns, but it also fully exposes you to risk.