#比特币巨鲸动向 Good, this is a concise analysis of spot and contract strategies (within 130 words):

**Spot Strategy:**

* **Core:** Buy low, sell high, hold for the long term (HODL).

* **Advantages:** Relatively low risk (maximum loss is the principal), suitable for value investment, obtaining token ownership (such as staking, airdrops).

* **Disadvantages:** Low capital utilization, profit only from one-way long positions.

**Contract Strategy:**

* **Core:** Use leverage to go long/short, hedge risks.

* **Advantages:** High capital utilization, opportunities for profit in both directions, can hedge spot risks.

* **Disadvantages:** Extremely high risk (may liquidate and lose all margin), forced liquidation mechanism, requires strict risk control.

**Summary:** Spot is suitable for conservative investment/hoarding; contracts are suitable for high-risk high-return trading or hedging.