Recently, someone around me asked this classic question again: "I have 100,000 yuan, should I do spot accumulation or go all-in on futures contracts?" Every time I hear this question, I can see the conflicting emotions in the asker's eyes—wanting to quickly increase value but also afraid of losing everything overnight. Instead of overthinking, let’s look at two real cases.

There are two extreme stories in my circle of friends. One is Lao Zhang, a pure spot believer, whose enthusiasm for Bitcoin and Ethereum has never wavered. His rule is simple: buy more when prices fall as a way of saving, and calmly sell high when prices rise. He has stuck to this for three years, turning an initial 50,000 yuan into 2 million. He often says: "Spot returns may not be so fast, but it will never bankrupt me. I can't play the contract game; I only earn money that lets me sleep peacefully." This person's mindset is incredibly steady—rational during bull markets, calm during bear markets, always making decisions at his own pace.

In contrast, Xiao Li takes a completely different route. He is a short-term trader in the futures market, often using 10x leverage, with candlestick charts practically engraved in his mind. Once, with only 3,000 yuan, he managed to turn it into 200,000 within a week. During that time, his朋友圈 was like a fireworks display during the Spring Festival. But behind big gains lies big risks—three liquidation experiences left him with a bitter smile, the worst being his principal wiped out in just three days. He summarizes his experience clearly: "Futures are like a printing press for money, but also a money shredder. Whether you can make money depends on how fast your reactions are and whether you can handle the psychological pressure."

These two stories are like two mirrors of the crypto market—one reflecting steady pursuit of victory, the other highlighting high risk and high reward.

Essentially, what do spot and futures trading test? To put it simply, risk preference. Many newcomers don’t fully understand the difference between the two. Let’s break down the key differences:

Spot trading involves buying actual assets—you own real coins. When prices fall, your holdings just shrink on paper, but as long as you don’t sell, there’s still a chance for a rebound. Futures trading involves speculating on future price movements, using leverage to amplify gains but also risks. The higher the leverage, the greater the pressure from market volatility, and in extreme cases, instant liquidation.

From a psychological perspective, spot trading tests patience and conviction—you need to endure long accumulation periods and believe in long-term growth. Futures trading tests reaction speed and mental resilience—markets change rapidly, and a wrong judgment can wipe you out.

From a capital management standpoint, putting 100,000 yuan into spot means the worst case is losing close to everything (though very unlikely). But if you use full leverage of 20x on futures, a 5% adverse move can wipe out your entire position. That’s why Lao Zhang can grow steadily, while Xiao Li needs multiple lessons to survive.

So, how to choose? It depends on several factors. First is your risk tolerance. If you have family responsibilities, spot is more suitable. Second is your understanding of the market. Without sufficient technical skills and experience, futures are like a gambling table—your opponent isn’t just the market but your own cognitive limitations. Third is your time commitment. Spot can be bought and held, while futures require constant monitoring.

In fact, the smartest approach might be a combination strategy—use most of your capital for spot to build a stable foundation, and allocate a small portion to futures trading. This way, you can gain experience without risking your entire capital on a single mistake. It satisfies the desire for growth while leaving room for errors.

The market gives everyone the right to choose, but the cost of that choice must be borne by oneself. The key is not to be blinded by short-term fantasies of quick riches, nor to be paralyzed by temporary fear. Look at Lao Zhang and Xiao Li—they both made money, just through different paths and at different costs. Finding the path that suits you is a thousand times more important than blindly following the crowd.