[Papertrade 1000x Leverage Aggressively Surges: Over 75% of Traders Liquidated, Clearing Scale Exceeds $20 Million] BlockBeats News, October 11: According to TradingBeats monitoring, since trading opened at 22:00 on October 10, a total of 7,962 addresses have opened positions on Papertrade. Among them, 5,836 addresses utilized 1000x leverage, accounting for approximately 73.3%, with a cumulative total of 61,222 1000x leveraged positions established. The risks of high leverage have quickly materialized. Of these, 4,395 addresses experienced at least one 1000x position liquidation, representing 75.3% of the addresses participating in 1000x leverage. A total of 12,657 1000x positions were liquidated, resulting in a loss of approximately $20.0771 million in isolated margin. This includes approximately $8.0006 million in BTC positions and $12.0764 million in ETH positions. Across the platform during the same period, 4,861 addresses experienced position liquidations, with a total of 14,158 positions liquidated, resulting in a loss of approximately $23.1162 million in isolated margin. 1000x positions contributed approximately 89.4% of the liquidation count and 86.9% of the isolated margin losses. The median holding time from opening to liquidation for liquidated 1000x positions was only 7 minutes and 35 seconds. According to the official explanation, a 1000x leveraged position can be liquidated with an adverse price movement of approximately 0.052%, resulting in the loss of the entire isolated margin for that position.