In this round of the bull market, ETH and related altcoins haven't performed very well. Many people have lost confidence in LDO, OP, ENS, ETHFI, and even ETH itself. When asked if I could change my holdings, I shared my insights.

In 2021, ETH was the most outstanding star on stage, the focal point for everyone offstage, enjoying that kind of attention. So this round, many veterans have become unaccustomed to it; they are not used to seeing someone more popular than themselves on stage, nor are they used to the crowd cheering for others.

This bull market can be described as frustrating or 'difficult.' In the last bull market, ETH, despite its large size, still outperformed most competitors on public chains, even rubbing against the biggest favorite, EOS, while UNI galloped ahead without looking back for five months among all DeFi projects.

Obviously, this bull market hasn't given us the same thrill as the last one. The feeling from the last round should be described as: 'Seeing the sun through the clouds', where my coin finally proved itself after a long test.

Since October 2023, when it was confirmed that the bull market has arrived, ETH's rise cannot compete with BTC, which has a larger market cap, and is far behind the emerging Solana. In this round of the bull market, BTC benefits from ETF support and inscriptions, gaining momentum.

Meanwhile, Solana's leading DeFi share continues to rise, and the meme craze has taken away what should have been the focus of Ethereum's layer two networks.

Any new project or newly released meme can easily surpass AAVE and COMP, which have been operating for 5-6 years. Meanwhile, Ethereum's NFT market is still not seeing progress, being overtaken by BTC and NFTs, as well as Solana's NFTs, with Eden now nominally exceeding our Blur, becoming the number one NFT exchange in the overall market; Solana's Jupiter has even surpassed Uniswap in daily trading volume several times.

Did we make a mistake? I guess this is a question most community members often ask themselves when they see others' projects skyrocketing.

Recently, Xiaomi cars encountered issues, and the new models did not receive the anticipated enthusiasm. The founder of Xiaomi cars wrote a reflective letter, stating that his team had strayed, suddenly becoming what they originally despised, forgetting the principle of putting users first, with the entire company focusing on monthly sales and unrealistic sales targets, constantly watching competitors.

Looking back, haven’t we also become like this? We no longer discuss whether Uniswap's future actions have long-term vision and competitive advantage; we are not concerned about how significant the changes brought by its V4 are. We only care about whether it can quickly pump the price so we can sell and leave.

Some people say, 'Fei Ge, we are just speculating, don't take it too seriously; the percentage increase and coin price are what we care about.'

Indeed, that's true, but my concern about whether it has a long-term vision and competitive advantage determines my confidence in it. Without confidence, I can’t achieve high multiples. Not caring about its long-term vision and competitive advantage will lower my safety net, leading to a significantly higher probability of losing everything if the market crashes.

If you're just looking to dabble in speculation on a project, a 50% rise can be hard to hold onto, while a 'clumsy bird' like UNI rose from 3.8 to 17, and we still firmly believe that this is far from the endpoint. That's the difference.

I want to find some words from the past to help you all stay sharp:

(1) Value investing is not a guarantee of profit; it’s a game with a relatively higher probability. For example: during a bear market, your chances of losing less are higher; when a bull market arrives, your chances of still being in the market are higher; when unexpected events like FTX or Luna occur, your chances of not being in the pit are higher; when negative news strikes, your chance of not cutting losses at the bottom is greater than others'.

Persisting little by little will eventually create a difference.

The confusion of those involved manifests in: we know that staying in the casino, we definitely can’t outplay the platform and the dealers, so without a second thought, we immediately understand we should leave; yet when we come to the crypto world, we easily think we can make a fortune through short-term trading and speculation.

(2) In the previous two bull markets, although there were some strange coins dancing wildly in the early stages, in the end, coins with real value performed well, and the market finally rewarded them with the increases they deserved.

Only projects that possess these narratives + technology + actual user demand can have a higher ceiling, thus achieving a higher and more stable market cap ranking.

This point, I believe, will begin to be validated in the coming months. There will be funds that like short-term speculation and funds that prefer long-term holding; there's no need to rush.

(3) For example.

If someone only dares to invest 1 yuan in a coin and rushes away after a 2-3x rise, then even if that coin eventually rises 50 times, it won't be related to them.

Even if your coin has only risen 10 times, as long as you have heavily invested in it and held it steadily, then even if its rise isn't outstanding, your returns will still be significant. Returns are not about who has bought a target that has risen the most, but rather about who has gained the most from it.

(4) Broaden your perspective.

If you are eager to outperform today or tomorrow, you cannot be in a good mood because there will always be projects in the market that outperform your coin every day, and there will certainly be others who invest more and profit more.

But if you position yourself as someone who will roam the investment scene for over 30 years, then the wins and losses of any bull market, or the correctness of any decision, are merely like a multiple-choice question on a written exam during your entire learning journey, and looking back, you won’t even remember it.

Patience, patience, patience; it’s always darkest before the dawn. I believe it will soon be our turn to take the stage.

I’ve finished writing, keep going.