The essential reason is that too many people treat the cryptocurrency world as gambling rather than true investment. Investing, speculation, and gambling are not the same. Having been in the crypto space, I dare say that 99% of people have traded contracts. Perhaps you started by only knowing about Bitcoin, but after entering the space, you gradually discovered that besides Bitcoin, there are so many mainstream coins like ETH, BNB, XRP, and SOL, which you slowly got to know, study, and invest in. When the price goes up a bit, you feel happy; when it goes down a bit, it affects your mood for the whole day.

But then one day, you saw someone in your spot trading group sharing a contract settlement slip with 5x and 10x multipliers that brought higher returns. You couldn't forget that feeling and visual impact. You started studying contract trends, and they didn't seem much different from spot trading, just with some leverage added. You began with BTC contracts and earned more than before, and even in a downtrend, you could short and profit from that wave. You were so happy; your multipliers went from 3x to 5x to 10x and even more. One day, you suddenly found that you had just gone downstairs for a meal and opened your position to find it completely opposite to the direction you had taken. You began to pray and look for various people who felt the same to comfort each other. The voices in the group got quieter, the market became increasingly extreme, and your margin was finally depleted. A big spike hit, and then it quickly surged, but in the end, you still got liquidated; it was all just a fleeting dream.

A sleepless night, filled with regret over your misjudgment of the market, you kept smoking, occasionally gagging, feeling like a walking corpse. There wasn't much emotional fluctuation, just regret and numbness. Tomorrow's meal money was even uncertain, and the price of coins gradually rose. In the group, people continuously cursed the market makers, saying this was the final washout, urging everyone to go all in, saying "go to the moon". You believed it, you were convinced, but you were already out of money. You opened various online lending platforms to get whatever you could to recover your lost principal, hoping to make a small profit as well. Ignoring the inflated U price from the market makers, you charged in immediately. BTC's volatility was too low; you didn't have the courage to open 50x or 100x. You ultimately chose a meme coin that usually followed Bitcoin's ups and downs, even rising more. You eagerly chose to open a 20x market order, fantasizing that just a 5% increase would double your investment, but you know how that turned out.