The spot market in the past two years has been like being drained by animals, losing value drop by drop. Why? Because the neighboring futures market has been making a huge noise about leverage. Stories of going all-in with 100x leverage and risking everything in one shot are everywhere. Who still wants to slowly accumulate in the spot market?

But here’s a harsh truth: futures trading is purely a zero-sum game. When one person profits, another must lose. Most retail investors entering are just channels for big players to make money. Compared to that, in the spot market, even in the worst case, you can hold onto BTC and wait for the next bull run—there’s always hope. What if a futures position gets liquidated? The account is wiped out instantly.

But human nature is like that— the more刺激, the more addictive. As a result, we have the current situation: well-funded players have long since rushed to the futures PVP arena, leaving the rest to pretend to be dead in the spot market. Those who truly build positions steadily are either professional institutions or seasoned traders who have been repeatedly educated by the market and survived.