#Strategy加码BTC配置 Why do short positions on the gain leaderboard often suffer the worst losses? This question seems simple, but the underlying logic can determine whether you make or lose money in the crypto world.

Many people fail the first time they short on the gain leaderboard. The apparent reason is misjudgment, but the real trap lies in—underestimating "the power of the upward move itself." The account math is played backwards from the start.

For long positions, the maximum loss is losing the entire principal. But shorting is different. If you use 10 USDT to go long, the worst-case scenario is liquidation, ending with zero. But what about a 10 USDT short? When the market spirals out of control, losses have no ceiling. The gains you see are naturally limited, but losses can drag you into an endless abyss.

Why does the gain leaderboard favor shorts so much? Because it gathers the craziest market emotions. Retail traders chase the rally one after another, platform recommendation algorithms amplify the effect, and various KOLs shout buy signals to cheer them on. Every new long entry is like adding fuel to your short position.

And it gets even scarier. Many skyrocketing coins have extremely low circulation, so the price surge doesn't require much capital. As long as the whales keep pushing the price higher, shorts are forced to cover. You think you've hit the top, but in reality, that's just the beginning of a short squeeze. There's also the liquidity trap—prices rocket up while buy/sell depth remains paper-thin. You wait to buy the dip, only to see a brief pause in the shakeout, then the next candle sweeps you out.

Don’t forget the funding rate. As shorts increase, not only might your market view be wrong, but you also have to pay longs daily. The longer you hold, the more you pay, and your mindset can start to crack.

The most insidious is the obsession with "it will definitely fall." The market’s madness never ends according to your rational logic. It often crushes all rational judgment into dust.

The traders who truly survive don’t do anything complicated. Stay away from emotional highlands like the gain leaderboard. Instead of betting on a crash, it’s better to willingly miss out. If you must participate, first lock in the risk—use hedging, options, and other tools, never go naked short. Only choose coins with the most liquidity, stay far from small-cap meme coins. When the sentiment cools and trading volume dries up, then look at the trend.

The most dangerous moment to short in crypto is never during a decline, but when everyone is frenzied.