Traders almost always lose money on exchanges. Only a small part of traders / speculators can earn on distances. Price jumps benefit investors who can have a medium-term strategy and never have margin positions. Here's who benefits the most from bitcoin's price spikes. Investors timely exited the market at 69,000 in 2021 and 48,000 in 2022, the rest are under water with unrealized or realized losses. Traders will be liquidated for billions of dollars.

As for the scam, as soon as bitcoin rises, people begin to see only good in it, as soon as it falls, conversations immediately begin about the bubble, scam and ponzi scheme. Bitcoin is a risky asset in the wild, loosely regulated crypto world. A bearish trend is a natural process in the crypto market, especially when it (the market) has been pumped abundantly with liquidity in the last 2 years. Now it's time to unload and re-form the cumulative part.