You don’t quite have this right! The Bespoke research assumes that that Archegos maintained a constant 5:1 leverage, ie they were leveraged 5:1 on 31st Dec and then continued to buy stock to maintain 5:1 lev as prices went up after that.
e.g. see here, but yes $100b is nowhere near street estimates of total losses (Archegos + CS + Nomura + the rest)https://twitter.com/pearkes/status/1378437699946868744 …
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Would need to keep buying to maintain 5:1 leverage, eg if holdings rose 20% you have now 2x’d your portfolio but value of your holdings is only 20% more so your leverage has fallen to 3:1, need to buy more to get it back up to 5:1
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