Which is the same story as always, on paper it is very easy to imagine that if you just buy at the bottom and sell at the top then the profits you can get will be huge, but once you try to put your strategy into practice then things get way more complicated to the point that the perfect strategy that you envisioned crumbles under duress and you are forced once again to think about what you are doing wrong before creating yet another strategy.
I don't know why people loves risk that are too high, 10x is manageable even though I also see it as a way to lose everything but 100x is like a grenade traders love to play with, I don't consider such kind of risk because when something is too good to be true, it's better to avoid such because at the end, you will lose more than you will gain. Ideally, trading is very easy to discuss but the reality is different, shorting the market with such kind of leverage is not easy in application, you have to analyze the market when you expect some crash like the other day SEC had issues with bank, that's the period to short the market with these leverages but for conviniency, do spot trading and enjoy your small profit and loss.
They take those risks since the capital they have is on the small side and they realize that if they were to refuse to use leverage or use a small amount of it they will never reach their financial goals, so they use a massive amount of leverage to increase their profits only to get the opposite results, as with such a high leverage there is not really any margin of error and you have to predict what the market is going to do at all times or lose all your money in a single trade.