Many people believe that the prosperity of the crypto world stems from technological innovation and the ideals of decentralization. In fact, not so much. The truth is rooted in the current state of the domestic debt ecosystem—those people enslaved by debt are becoming the most active participants in this market.

Last year in the first quarter, the domestic household leverage ratio soared to 61.5%, maintaining a high-risk zone for four consecutive years. In other words, on average, one in two people is in debt. This is not just a data game— for debtors, it means daily collection messages, never-ending interest payments, and the despair of wages being deducted as soon as they arrive.

Is your work income just enough to pay the interest? Then you're on a dead end. At this point, the claims of "short-term doubling" or "hundredfold wealth" in the crypto circle become a lifeline. Those with no other options can only go all-in on highly volatile assets.

Looking at the actual composition of investors in the crypto world makes it clear. In the 25 to 45 age group, 73.6% are in debt. Among them, 25 to 40-year-olds are as high as 83.2%—which just happens to be the main group involved in contract speculation. Their debt ratio is nearly double the national average.

Post-90s are especially heartbreaking: 78.3% debt ratio, with an average debt of 121,000 yuan. Mortgages, consumer loans (many with annualized interest rates over 18%), all these pressures pile up and become suffocating. Wages are deducted immediately upon arrival, leaving no way out. When there's no other choice, people can only pin their hopes on the high volatility of the crypto market—even knowing that contracts might explode, they still hope for a sudden surge to wipe out their debts.

What lies behind these numbers? 120 million people overdue on credit cards, with an average debt of 52,000 yuan, and 18% annual interest directly eating half of their wages. Online loan defaults have surged by 50%, with 42.7 million people caught in the cycle of revolving credit, with high-interest rates of 24% to 36% that they simply cannot afford to pay back. 85.3% of indebted families carry mortgage debt, with monthly payments in major cities exceeding 50% of income—any slight fluctuation in income can lead to default. So, the crypto market has become the last lifeline.

The problem is, this lifeline can't really save people. The data from the central bank is brutal: 78% of those trying to pay off debt by trading cryptocurrencies end up with their debt doubling. Only 9% manage to fully clear their debts within three years. But debtors have no way out—losing money makes them want to turn things around, exploding their positions, then borrowing high-interest online loans to keep fighting, borrowing more and more, and trading more recklessly, sinking deeper and deeper.

Those 100x leverage positions? They seem like a shortcut to a turnaround, but in reality, the house has already seen through you. They know you have to repay online loans tomorrow and pay your mortgage next month, so they dump the market at your most vulnerable moment. When the market drops 5%, those desperate to repay start cutting their losses. When it drops 10%, many get liquidated. Then they wait for you to borrow high-interest loans again to re-enter the market—harvesting those "panic-stricken leeks" who are rushing to pay off their debts.

The crypto world is not a place of technological revolution, but a gambling table paved with debt. Behind the frenzy are over 600 million debt-ridden individuals and a carefully designed harvesting mechanism by the house.