Wong Lik Sing’s $13.7M Unrealized Loss on Crypto Leverage
Onchain Lens data shows that singer-turned-trader Wong Lik Sing recorded a combined $13.68 million unrealized loss on his high-leverage crypto positions amid the recent market downturn. He held 25x ETH, 40x BTC, 10x HYPE and 5x PUMP long trades, which plunged into deep red as prices fell.
The unrealized loss highlights the risks of leveraged trading during volatile phases. Market participants are reminded that rapid price swings can trigger margin calls and wipe out capital. Traders should reassess exposure and implement strict risk management to mitigate similar losses.
Bearish
Wong Lik Sing’s $13.68M unrealized loss underscores the amplified dangers of leveraged trading in a bearish crypto market. Similar past events—such as the May 2022 liquidation cascade—triggered broad deleveraging and intensified downward pressure. In the short term, sizable unrealized losses often force traders to reduce positions or face margin calls, further exacerbating sell-offs and volatility. Over the long term, persistent high leverage can undermine market confidence and slow rally recoveries until asset prices stabilize and leverage ratios normalize.