He relied on a mobile phone to generate $8.5 million (approximately 62 million RMB) in real profits on the Binance futures leaderboard, netting $5 million from a single ETH contract.
His ID is "If I Don't Understand" (hereinafter referred to as "Don't Understand"), and the reason for this name is simply that when he registered his account, he recalled CZ's saying, "If you cannot hold, you will not be rich." He said: If I don't understand these, how can I have the right to make money? He wants to use this name to remind himself to have a comprehensive understanding before drawing conclusions.
On June 24, this rarely seen top trader appeared in the Binance Chinese live broadcast room and chatted with SiSi about his growth experience "beyond the leaderboard."
He is not a traffic player and has no team packaging. Many people think that to sit at the top of the leaderboard, one must either have outstanding talent or be lucky. But after listening to his sharing, everyone found that "Don't Understand" is more like a talent-driven growth player: when faced with difficulties, he ponders, and when he steps into a pit, he immediately reviews, always possessing a sharper sense of self-reflection than others. This is the first impression that "Don't Understand" leaves for everyone.
From an ordinary internet worker to a retail trader who has honed his skills in futures, and now to the low-key top of the leaderboard, this path has no myths, only continuous trial and error and repeated corrections. At the same time, an undeniable factor is that "Don't Understand" has never given up on his main job, which has allowed him to accumulate capital for later explosive growth.
If you only look at the results, you might think this is a victory of extraordinary talent; but if you have seen the repeated zeroing of his account and the nights of starting over, you will understand that the so-called "King of Futures" is actually a capability that is slowly forged over time.
How did he go from knowing nothing to gradually becoming the King of Futures on Binance?
1. The Initial Fog: Ordinary People, Crypto World, Binance
"Don't Understand" entered the market like most people.
His main job is in the internet industry, and he initially got involved in the crypto world purely out of curiosity.
With little initial capital, he bought mainstream coins, participated in on-chain projects, made quick money, and also lost his principal.
The reason for choosing to trade futures on Binance is simple: the liquidity is the best, any order can be executed, and the depth is sufficient, so there is no worry about slippage.
For ordinary people trading futures, the platform's depth and matching experience almost determine whether they can capitalize on major market movements.
In the first few years, he mostly observed from the sidelines, neither getting overly excited nor fantasizing about getting rich, preferring to study market trends in his own way. While others discussed hot projects, he usually spent time pondering the underlying logic rather than rushing to follow the trend.
Most of his trading was self-exploration, accepting both profits and losses, as no one can guarantee a safety net. He experienced multiple capital drawdowns early on; sometimes, a single misjudgment could wipe out months of earnings.
This trial-and-error process is not dramatic, but for most traders who later survive, it is a necessary stage.
2. On-Chain Trial and Error, Cultivating Market Sense
Most people's introduction to the crypto world starts with small investments. "Don't Understand" is no different. When he first entered the market, he was still working at an internet company, and his regular salary was his main source of income. The money he saved each month was not spent recklessly but used to buy mainstream coins or participate in on-chain projects. For him at that time, futures were just a distant high-risk area, with most of his capital invested on-chain.
"In the early days, I mainly engaged in on-chain projects, airdrops, GameFi, inscriptions, joining in on whatever was popular. Mainstream coins were more stable, while playing GameFi and new chains was more exciting. Sometimes I made a lot, sometimes I lost a bit, but as long as I didn't lose my main job, my mindset remained intact. During those years, my capital gradually grew, starting from 30,000 and slowly reaching millions, and I maintained a relatively restrained pace."
For him, futures represented a different set of rules. Initially, he only dared to use small amounts to test trades, with each futures contract being a learning experience on how to lose money. "At first, I used very small positions, thinking if I lost, I lost, but I had to experience what a liquidation felt like." This was also a point he repeatedly emphasized early on: the crypto futures market is a place where one risks everything; without practical experience, it is hard to truly understand the extent of the risks.
"On-chain, you can rely on diligence and research; most projects won't lead to significant losses, but futures are entirely different." He recalled that his early mindset when trading futures was quite simple: the money wasn't much, if it blew up, it blew up, and if he made money, it was like treating himself to a nice meal. It was this relaxed attitude that allowed him to make fewer major mistakes than many newcomers, with his main job supporting his on-chain activities, and his on-chain activities nurturing his futures trading, always leaving room in both position and mindset for long-term trial and error.
3. ETH Counter-Trend Operation, A Battle to Fame
In this futures competition, one of the most notable operations by "Don't Understand" was his decision to go long on 40,000 ETH contracts amidst a prevailing bearish sentiment towards ETH in the market.
He shared in the live broadcast the overall profit composition of this round of futures: the paper profit from this ETH position was $7.5 million, and after deducting earlier drawdowns and adjustments, the final net profit was around $5 million, with a settlement profit of $7 million. Additionally, a limit short position on ETH he took in early May contributed $1 million in profit, while the remaining $2 million came from other trading strategies, totaling $8.4 million in profits during the contract period.
This ETH long position was crucial because it occurred at a time of extreme sentiment. The entire network was almost overwhelmingly bearish on ETH, with the mainstream market view suggesting a weak trend, even potentially hitting new lows. However, "Don't Understand" publicly established his position and continuously posted on Binance Square to express his bullish reasoning. His decision-making logic was based on multiple dimensions of signal resonance:
Continuous inflow of ETF funds: He noticed that ETH's ETF products had seen net inflows for several consecutive days, with inflow intensity even surpassing BTC during multiple time periods.
Approaching critical event expectations: Grayscale's staking rights ETF was entering a key window, and after June 2, the SEC could release results at any time, creating conditions for a "spike" market.
Technical resonance: ETH's daily chart showed a massive surge, with rebound momentum clearly supported by the ETF narrative; the ETH/BTC ratio line reversed from a long-term downtrend for the first time.
Judgments on sentiment and market sense: He pointed out that in terms of short-term market sentiment, ETH was clearly stronger than other coins, often showing signs of eager capital, which was also validated by momentum judgment models.
Structural advantages and position selection: From a technical structure perspective, ETH's monthly line was still weaker than BNB and SOL, and the daily line had not effectively broken below its lows. If it weren't for BTC unexpectedly breaking below 102,000, allowing the main force to spike it to 2380, ETH's surge could have occurred even earlier.
Clear logical mainline: "Don't Understand" emphasized that the core of this ETH rise was not due to strong fundamentals, but rather passive capital following BTC's new highs. The on-chain fundamentals like GWEI remained sluggish, and ETH itself lacked active buying pressure, but due to institutional allocation driven by ETFs, the logical loop was established.
Market philosophical judgment: He has mentioned in several public occasions, "If everyone can understand the market, then it shouldn't be our turn to make money." This time, he chose to ignore the sentiment of the entire network and put his understanding on the line.
He added in the live broadcast that such heavy positions were never made impulsively. Moreover, if BTC retraced or key levels were broken, he would quickly adjust and not hold positions out of emotion.
4. How to Understand Profit Signals
There are many signals in the market, but very few are truly useful. The vast majority of people think they can find the winning formula through technical indicators and various candlestick formulas. After a few years, "Don't Understand" gradually abandoned the worship of indicators and preferred to trust the data itself and the details of the market.
He enjoys reviewing the large capital flows on-chain, observing the changes in positions of major players on Binance, paying attention to ETF fund inflows and outflows, on-chain staking unlocks, and large transfers of established projects. The logic of the mainstream coin market is actually quite clear: when large orders are actively bought, when the market shows abnormal orders, and what kind of fluctuations are "washing" or "main force changing positions," these details are more reliable than any "magic indicators."
Event-driven trading is the part he values most in trading. Every real big opportunity almost stems from core events inside and outside the industry, such as the launch of ETFs, shifts in US stock market liquidity, or significant contract changes on-chain. These things can only be reflected in real-time on platforms with sufficient depth and timely information feedback. Binance, as the market with the strongest global liquidity, is naturally the most sensitive and easiest place to observe structural changes.
He gradually formed his own trading habits: preemptively ambushing at key nodes, judging the intentions of major players through reviews; not easily chasing highs, not changing the big direction due to market noise; when encountering major events, prioritizing logic and cost-effectiveness, preferring to miss out rather than engage in meaningless following.
Market data, market structure, and event-driven factors became the underlying basis for him to select trades, determine positions, and adjust his holdings.
Those who can truly seize major market movements never rely on rumors or short-term trends but can patiently dissect every signal thoroughly.
5. Survivors are Kings
To outsiders, the top trader may seem somewhat mysterious. But in "Don't Understand's" view, being able to rise from countless accounts is not due to talent or the legendary luck, but rather through repeated self-reflection and self-control in real trading.
The truth of the crypto world is actually quite simple: anyone can win once, but very few can hold onto profits and cross the bull and bear cycles. Especially in a market like Binance, where experts abound and changes happen rapidly, any luck or speculation will be promptly corrected by the market.
He candidly stated that the real pressure does not come from liquidation, but from the anxiety of facing risks continuously after the account curve reaches a high point. The later it gets, the more he realizes that every decision and every position must be extremely restrained. As the account size grows, the heartbeat brought by market fluctuations also amplifies, and any overconfidence or moment of relaxation could lead to total loss.
He no longer blindly pursues maximum leverage, nor does he believe in the thrill of doubling his money in one go. Instead, he invests the most effort in position management, stop-loss execution, and risk control. The larger the capital, the more conservative the strategy; he would rather earn less than to survive longer.
Many peers around him have fallen due to emotional loss of control and lack of risk management. Some have made huge profits and then "got high," while others couldn't stop wanting to make quick money, ultimately returning their principal to the market.
"Don't Understand" constantly reminds himself that being number one is just a result of a phase, not the end point. Only by focusing on processes, discipline, and mindset can one weather the next storm.
Rather than saying he is the King of Futures, it is more accurate to say he is a survivor who has thrived under favorable conditions.
Many attribute the top spot on the leaderboard to talent or luck, but in reality, those who can make it to the end are the ones who push themselves to evolve in every cycle. What the outside world sees is the title of "genius trader," but he believes more that "as long as you can persist in learning, dare to admit mistakes, and keep a cool head, anyone is qualified to stand in this position."
6. Some Advice
"Don't Understand" said that his trading style has been developed little by little through practical experience and reviews. Everyone's formula is different; as long as it can repeatedly match results, it is a good system.
He emphasized that momentum judgment relies on market observation, position control looks at volatility, and leverage selection should align with the coin's behavior, avoiding a one-size-fits-all template. Before opening a position, he prefers to observe conservatively, and once confirmed, he acts decisively. If he can't get in, he would rather miss out than chase the price.
As for whether futures are suitable for you, he said very directly: "If you don't even have a set of your own profit logic, then don't touch futures yet."
He has experienced a series of blows from 3700 to 890 and has also had experiences of sleepless nights, staring at the market day and night until his account was cleared.
Now, his trading principle is very simple:
Be prepared for everything that could happen and have all responses ready in advance.
This sentence is his advice to everyone and the reason he has reached his current position.
Disclaimer:
This article is for industry communication and experience sharing only and does not constitute any investment advice. The views in the text represent the author's personal stance and are unrelated to the platform. The information in the text should not be considered as investment, financial, legal, accounting, or tax advice, nor does it constitute a recommendation, offer, or solicitation for any digital assets. Digital assets (including stablecoins and NFTs) are highly volatile and carry high risks; please evaluate carefully based on your own situation before investing. For professional advice, please consult your legal, tax, or investment advisor. Readers are encouraged to understand and comply with relevant laws and regulations in their region, and assume risks accordingly.
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