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!!
Actually it is not much different between the two even though some people say Crypto is far more speculative, this condition is quite dependent on a person's ability to deal with risks and if they are able to minimize it will be much better. To be far safer one must make a smaller leverage than forcing to install a higher leverage but also not separated how the trading capabilities they have.
Many people are affected by liquidation because they do not understand trade well even though some experienced people also feel the same way. But maybe I am more agreeing for investment because maybe the risk is not much greater with trade.