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During each bull market of BTC,
At least two pullbacks of more than 30%;
20% pullback at least 5 times;
Around 10% of pullbacks occurred dozens of times.
More than 20% of the pullback is considered risky as it can liquidate leverages of over 5 times.
So, players with leverage of more than 5 times basically have no chance to play with the bull market; if they still want to go long and short in the trend, the risk doubles. For players with leverage of more than 10 times and short-term trading, it is no different from going to Macau.
It's not a matter of risk preference, but of not being able to overcome the Kelly formula.