Some fans asked me how Sister Wan views the bull market in 2025?

What I want to say is to be cautious. There will definitely be opportunities in this bull market, but the risks are definitely greater than during the wave in 2021.

During that wave in 2021, newcomers had less pressure to learn. As long as they understood how to navigate the exchanges, they were fine. When all coins were soaring, buying with closed eyes was profitable. Just learning to look at the monthly charts a bit, and escaping the peak after the RSI crossed 75 felt like money was blowing in like a strong wind.

Then, during the bear market, one could slowly learn about on-chain interactions and realize that blockchain is not just about buying and selling. The real charm lies in the on-chain ecosystem: blockchain explorers, staking, decentralized lending, DEX, oracle voting governance, cross-chain bridges—what innovation isn’t breathtaking?

At that time, there were only a dozen public chains, each with its own characteristics. For example, Ethereum was mature, Polkadot was highly decentralized, Fantom was fast, and Solana had Intel technology support. One could say that simply buying and holding any new public chain for a few months would definitely yield profits.

Now, there are hundreds of public chains. It takes a while just to find them in my wallet, and public chains lack distinctive features. It’s just opening a new chain, adding Uniswap and cross-chain bridges, then renaming it to Sushiswap without any innovation. Meanwhile, the proportion of financing and VC holdings keeps increasing, and as soon as it opens, they start dumping and cutting losses. For instance, the previously popular OP and ARB only made money from airdrops; everything bought later ended up losing.

So, for newcomers entering the circle this time, they face great learning pressure to make money because it's hard to profit from exchanges now. Getting listed is like reaching the mountaintop. You expect to buy and wait for appreciation, but end up getting stuck as soon as you buy. Good opportunities must be sought on-chain, whether through airdrops, seed rounds, or early mining, and then wait for cashing out after getting listed.

Currently, the on-chain world is much more complex than four years ago, and the bull market has only been here for a few months. As long as you find the right people, everything will be resolved smoothly.