In each round of BTC's bull market,

At least two pullbacks of more than 30%;
20% pullbacks at least 5 times;
There are dozens of pullbacks of about 10%.
More than 20% of the pullbacks are called risk, because more than 5 times the leverage will be liquidated.
Therefore, players with more than 5 times leverage want to play rolling, basically have no chance with the bull market, and if they still want to eat long and short in the trend, the risk will be doubled. Those short-term players with more than 10 times leverage are no different from going to Macau.
It's not a matter of risk appetite, it's that you can't beat the Kelly Formula.