People who invest without leverage will win someday, because those people holds real coin or crypto.
And, those who trades on binance or bybit with leverage will get liquidated. Just like forex!!
So it's still better to trade in the spot category because there's no liquidity to speak of, you just need to know how to relate to reading the chart on an exchange where we do trading activity. Because if you really trade in leverage or futures and you don't have that much knowledge, you'll really get burned there.
But of course, traders often win in spot trading, even in futures, if the entry position you make is always right. That's just the way the crypto trading cycle is in this field industry.
While long-term investors always win in the end, just don't get bored.