In a bull market, the leverage usage in the crypto market usually increases as investors are more optimistic and willing to take on more risk to amplify their returns. This can further drive up prices but also increases market risk. In a bear market, leverage usage generally decreases as investors become more risk - averse, and forced liquidations may occur, which can exacerbate price declines. During a consolidation period, leverage usage may be relatively stable, but still, some investors may use it to try to profit from small price fluctuations, which can also have an impact on market stability.