10.11 wiped out the contracts; the retail investors still have some spot holdings, and there are still some assets on-chain that haven’t been cleared. They rush to the exchanges, add leverage, and open contracts to recover losses. Two weeks of extreme volatility, even the roots of the retail investors have been dug out. But essentially, all secondary markets, including stocks, futures, and crypto, are speculative for most ordinary people. Ordinary people won’t hold positions for years waiting for value growth; it’s always the early ones making money off the latecomers. It’s just that liquidity varies across markets at different times—A9 goes to markets with abundant liquidity, A3 comes to markets with high volatility, and that’s all there is to it.