#数字资产市场动态 On a weekend, a friend suddenly rang the doorbell. Before I had a chance to take off my shoes, he shoved his phone in front of my eyes. The screen was blindingly red, and his voice was very low: "The entry was 180,000, now only 10,000 left." Frowning, he added, "I only buy spot, how did it turn out like this?"

Honestly, I’m not surprised at all.

When I first entered the circle last year, I saw him in this state—patting my shoulder, eyes shining, swearing that he was very calm, not touching leverage at all, just holding spot positions long-term to earn dividends. I’ve heard this kind of talk so many times.

The problem is—spot trading indeed won’t cause you to get liquidated, but it can slowly grind you to death. The real trap he’s stepping into isn’t about choosing the right coin or trend judgment; it’s the most insidious aspect of spot trading: nothing can force you to stop losing money.

When the market surges, his eyes are wide open, always thinking it can go higher, afraid to reduce positions or sell out. When he looks back and sees it’s indeed risen again, he’s filled with regret. Then the market suddenly crashes downward, and his mind goes into chaos. Instead of cutting losses, he keeps adding to his position. As he keeps adding, he starts chanting—"Lower my cost, lower my cost," as if reducing the cost somehow makes the losses disappear.

His position becomes increasingly heavy, to the point where breathing becomes difficult. On the surface, he claims to hold long-term and believes in the fundamentals, but in reality, he’s just being forced to endure after being trapped. No liquidation alerts, no forced liquidation mechanisms—exchanges just coldly watch your account balance shrink day by day. The principal diminishes, patience wears thin, judgment becomes fuzzy, and by the time you finally muster the courage to press the stop-loss button, your account has already been completely wrecked.

The most terrifying thing in the crypto world isn’t leverage; it’s the illusion of "I chose the safest route." Full position, heavy position, stubbornly holding—each step makes you feel like you’re fine. But in reality, you’ve already fallen into the trap from the very first step. You think you’re doing a prudent investment, but in fact, you’ve long been caught in a psychological trap.