It is a valid suggestion, but I find it unlikely that new traders have 39M to lose in a single order.

This bull market feels tough. It's probably because the market is growing so fast, with more new traders using high leverage compared to those trading on spot.
As the market trends upward and people call for an altseason, traders open high leverage longs, hoping to catch a big move up.

This is why the drops are always brutal, those longs get liquidated, creating sharp market corrections.