In every bull market of $ETH

At least one pullback of over 50%

At least two pullbacks of over 30%

At least five pullbacks of 20%

Around ten percent pullbacks may occur dozens of times

Among these, pullbacks of over 20% are referred to as risk, as they can liquidate positions with leverage of more than five times.

Therefore, players with more than five times leverage who want to roll over their positions are basically out of touch with the bull market. If they also want to profit from both long and short positions in the trend, the risk doubles. For short-term players with more than ten times leverage, it's no different from going to Macau.

It's not a matter of risk preference, but rather an inability to overcome the Kelly formula.