Market Analysis - Leverage is hindering the cryptocurrency bull market, while spot holding is considered a more sustainable approach [1] - $125 billion (1250 亿) in leveraged positions have been liquidated this year [2] Potential Impact - The market is experiencing thin liquidity due to excessive leverage [2] - Market crashes are exacerbated by leverage-induced cascades [2] - Selling pressure is increased by liquidations of leveraged positions [2] - The total cryptocurrency market capitalization could potentially reach $5-$6 trillion (5-6 万亿) if capital were allocated to spot assets instead of leveraged positions [2]