According to @NFT5lut, their portfolio moved from a 50% drawdown to a 100% gain within two days, driven by a single successful trade; source: @NFT5lut on X, Nov 26, 2025. A 50% drawdown requires a 100% gain to return to prior equity, underscoring how one outsized position can dominate short-term PnL; sources: CFA Institute, Managing Investment Risk; Investopedia, Drawdown. Such rapid, high-magnitude swings are consistent with the fat-tailed return behavior seen in speculative assets, including cryptocurrencies; sources: Liu and Tsyvinski, Risks and Returns of Cryptocurrency 2018; Baur, Hong, and Lee, Bitcoin: Medium of Exchange or Speculative Assets? 2018.

According to Lookonchain, a market crash led to multiple liquidations of trader @machibigbrother on Hyperliquid, cutting his account to about USD 130K and swinging cumulative PnL from USD +43.64M to USD -12.28M. Source: Lookonchain on X, Oct 11, 2025, https://x.com/lookonchain/status/1976812674173526463

According to @EmberCN, ETH fell sharply overnight, triggering the liquidation of a highly leveraged trader known as “滚仓哥,” with the position wiped to roughly $70,000 in remaining margin (source: @EmberCN on X, Aug 26, 2025). According to the same source, the trader’s PnL swung from a $9.19 million profit yesterday to a $670,000 loss, and an earlier run saw $43 million in profit retrace to $6.86 million before flattening (source: @EmberCN on X, Aug 26, 2025). According to the source, the account originally grew from $125,000 and, after two large cycles, is now effectively back near the starting level (source: @EmberCN on X, Aug 26, 2025).