Why is my overall operating frequency in 2025 significantly higher than in 2023-2024???

Three reasons:

First, it’s the second half of the bull market.

At this stage, according to traditional cycles, we are nearing the end. The cost-effectiveness of Bitcoin exceeding $100,000 is deteriorating. Those who should have entered have already done so, and now it seems more like finding opportunities to gradually exit.

Second, collect when it's time to collect, and let go when it's time to let go.

Be bold when buying in cheap places, and reduce a bit in expensive places. Don’t be greedy, and don’t stubbornly hold on.

Third, others' judgments are references, but your own position is critical.

Ultimately, the market can turn against you, but your position won’t. You have to be able to hold it and sleep well at night, that’s the right position. The size of your position is actually your understanding of time and space.

Discussing some views on altcoins.

Is there an opportunity? Of course, but it’s less now.

After this round, it seems like the high-end protocols are not being used at all, and have become “ghost towns.”

1. Too many projects, too few users.

Now it’s like everyone wants to build a city, but no one moves in. Without residents, there’s no tax revenue. Look at Layer 2 and public chains, each one claims to be “faster,” but they are just reinventing the wheel.

2. Good projects ≠ profitable projects.

Many projects raise funds vigorously, but in reality? The tokens have become tools for them to “cash out” on us. Especially those projects with continuous unlocking; unless the tokens have a solid consumption logic, I generally won’t touch them.

3. There are still “valuable projects.”

I pay attention to those that can continuously make money, have cash flow, and give back to token holders, such as buybacks, burning, and other substantial actions. I will slowly add these types of projects to my watchlist.

My overall strategy for 2025:

Do not chase trends, focus on stage opportunities.

High position + good news = sell a portion.

Low position + bad news = buy a little.

Always maintain a “dynamic balance” of positions.

A few actual operations:

• On March 3rd, Trump announced Bitcoin entering reserves, several mainstream altcoins followed suit, and we reduced our positions that day.

• On April 7th, Trump started a trade war, and Bitcoin dropped to 74k; we increased our position at 75.8k.

• On April 22nd, in just 15 days, Bitcoin surged to 94k, and we reduced our positions again, waiting for more opportunities.

Of course, this kind of operation rhythm cannot be perfect, and there may be opportunities missed. But I can accept this cost; if you can’t, I suggest moving less or not at all.