Why isn't there a so-called "altcoin season"? This year alone, leveraged trading has resulted in the liquidation of $125 billion. If this money were invested in spot assets: - There would be no market liquidity shortage - There would be no chain reaction leading to a market crash - Less selling pressure - The total market capitalization of cryptocurrencies could now be $5-6 trillion Leverage is killing the bull market. Spot holding is the true bull market.