The bull market is dominated by spot trading. Even now, there are still people who short sell in the bull market. Retail investors who bet on the direction are really stupid. They always think that they are very powerful because they have won a few times. Who knows that they will be stabbed by a needle in the market, and then seek comfort in the square all day long. If they had known this would happen, they would not have done it in the first place. The spot trading in the bull market is more powerful than 100 times leverage.