Aggressive inflows into Papertrade’s 1000x leverage trading: Over 75% of traders have been liquidated, with total liquidation volume exceeding $20 million.

According to TradingBeats' monitoring, since Papertrade opened trading at 22:00 on October 10, a total of 7,962 addresses have opened positions, with 5,836 of them having used 1000x leverage, accounting for roughly 73.3%. These addresses cumulatively opened 61,222 1000x leveraged positions, and the high leverage risk has materialized rapidly. Of these, 4,395 addresses have experienced at least one liquidation of a 1000x position, making up 75.3% of all addresses that used 1000x leverage; a total of 12,657 1000x leveraged positions were liquidated, resulting in isolated margin losses of approximately $20.0771 million, including around $8.0006 million in BTC positions and $12.0764 million in ETH positions. Over the same period, 4,861 addresses across the entire platform had positions liquidated, with a total of 14,158 liquidated positions and isolated margin losses of about $23.1162 million. 1000x positions accounted for roughly 89.4% of total liquidation counts and 86.9% of total liquidation margin losses. The median holding time of liquidated 1000x positions from opening to liquidation was just 7 minutes and 35 seconds. The official noted that a 1000x leveraged position may trigger liquidation and lead to the loss of the entire isolated margin if a reverse price movement of approximately 0.052% occurs.