2026-01-03 07:20:41

Looking at the market ecology over the past two years, it's indeed interesting. Contract trading has become extremely popular, while spot trading has been largely ignored. This situation is somewhat like a casino, where all chips are betting on big or small, and no one really wants to do solid business.

In terms of capital, the scale of contracts has long been several times larger than that of spot trading. It sounds very prosperous, but upon closer inspection, there are significant issues— the market's nature has changed from investment to a pure zero-sum game.

What does it take to trigger a decent market rally? Not the illusory gains from leverage stacking, but real demand for spot assets driving the market. BTC reaching new highs is never driven by contract bubble accumulation, but by actual coin holding demand and the maturity of ecological applications.

Now, it's the ultimate PVP— everyone thinks they can make money in this game, but ultimately, only a few will profit. A truly healthy bull market must be supported by the fundamentals of the spot market, not a scenario dominated by leverage games.

BTC1,18%

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BrokenRugs

· 01-03 15:04

At the end of the day, it's still that group of people playing; the real money has already run away.

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TommyTeacher

· 01-03 07:50

Speaking thoroughly, we are now in an era where big fish eat small fish, and the contract leverage setup should have been phased out long ago. --- The popularity of contracts just means more leeks; it's always the 20% that make 80%, and the 20% who profit are always the happiest. --- I agree, without solid spot fundamentals, no matter how much leverage there is, it's just a paper prosperity that will eventually collapse. --- The problem is everyone knows spot is important, but how many truly have the patience to accumulate coins? Everyone just wants to get rich quickly haha. --- PVP is too deep; I’m also wondering when we’ll see a market driven by genuine ecological demand. --- Nice analogy, using a casino as a metaphor is apt; this is a gambling-like market, drifting further away from true financial attributes. --- Exactly right, but the reality is that leverage trading is more exciting; who can resist that thrill? --- The bull market supported by spot fundamentals is long outdated; now it’s all about who can survive until the end.

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ChainMelonWatcher

· 01-03 07:50

You're right, those entering now are just gambling; real researchers are actually lonely. --- The explosion sounds of contracts are even louder than the gains in spot trading. How absurd is that? --- Zero-sum games are really disgusting now. Only a few top players are making money, the rest are cannon fodder. --- Leverage is just poison. The prosperity built up will eventually collapse. Just wait and see. --- You're still playing with contracts, I've already shifted to spot accumulation. That’s the right way. --- Every time I see contract trading volume, I just want to laugh. Isn't this just a machine for big players to harvest retail investors? --- The problem is that we can't return to a healthy state now. Too many people have tasted the thrill of leverage. --- Real market trends still depend on applications, not on leverage or numbers that deceive people. --- So, can this bull market really come? I think it's uncertain.

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ContractTester

· 01-03 07:49

The casino analogy is spot on. Now it's really about contract players taking each other down, while spot trading is being sidelined into the background.

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rekt_but_not_broke

· 01-03 07:32

That's right, this is now the gambler's paradise. The contract data looks terrifying but it's all air. Leverage has made people foolish, while the truly valuable spot assets are being neglected. What kind of logic is this? When the liquidation wave comes, you'll see. The illusory prosperity can't last, and in the end, no one can escape. Holding coins is the real strength; the contract game will eventually have to be paid back.

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fork_in_the_road

· 01-03 07:29

The contract game is just a game of cutting leeks, wake up everyone --- Spot trading is the real way, leverage is just an illusion --- That's right, the casino atmosphere is getting heavier and heavier --- Wait, are you serious about looking at the fundamentals? Then you'll be trapped for a long time --- In PVP mode, I choose to lie flat, anyway I can't make money --- This situation is ridiculous, everyone is just harvesting each other, no one is building --- I've seen it early on, spot retail investors have already run away --- Leverage is poison, but no one is willing to quit --- Is this what a real bull market should look like? I feel like it's all just false fire --- Contract size is several times larger than spot? Then how big is the bubble?

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