Crazy Crypto Fall: From 80 Million to Half a Mill

A trader named Jawz once owned an early stake in OlympusDAO that grew to a staggering 80 million dollars. He chose not to cash out when the value peaked and instead spent freely, flying private jets, staying in Monaco for weekends, filling a garage with cars, and gambling big in Vegas and Macau. Each night he could lose up to two million dollars at the casino. When the value of his OlympusDAO holdings started to fall, Jawz did not sell. Instead he doubled down and used leverage of 5‑times and later 10‑times, hoping to climb back to the former high. Every time a position was liquidated, he added more money into an even larger trade. The result: 80 million dropped to 20 million, then 4 million, and finally just half a million. He later described this pattern as “revenge trading is just grief with a chart open. ” He listed four key take‑aways: unrealized profits are not real money; early entry is luck, not skill; lifestyle inflation can creep up unnoticed until it’s too late; and leverage only speeds the slide to zero. These lessons echo a recent crash in major cryptocurrencies.Between June 4 and 6, Bitcoin fell from about $67 000 to $59 100 in two days, triggering roughly three billion dollars of forced liquidations on crypto derivatives. Most of the closed positions were long bets, with one single liquidation reaching almost $60 million. XRP experienced a similar fall on June 5, dropping below $1. 25 and then to $1. 10 as automated systems swept through leveraged long positions on several exchanges. Even after these crashes, the open interest in futures remains high at around $1. 4 billion, showing that leverage is still present in the market. The same psychological pattern—holding on through losses, adding more money instead of exiting, and trying to recover previous highs—is evident in today’s Bitcoin and XRP markets. The stakes are higher, the leverage more accessible, and the exits faster than in 2021, but the underlying behavior remains unchanged.