Take ETH as an example. At the 1600 level, the market maker is nothing more than building up the depth of short positions. The difficulty of moving up by 400 points (to 2000) is far lower than moving down by 400 points (to 1100). It’s a simple question: the higher the panic index, the greedier we should be. The safest approach is to buy spot, but don’t the poor guys just want to max out leverage with futures and seek big gains with small capital? Except when a black swan event occurs, if you control your position size, you won’t get liquidated.