An interesting thing is that when hype dropped to $10 in April, I calculated that based on market capitalization, the PE should be at 4. This PE is quite terrifying in the crypto space.

But at that time, hype and BTC had a total of $600 million in holdings, and I personally accounted for almost 10% of the holdings (arbitrage). After removing hype, there was still a portion of fake holdings, and I began to doubt how many users this platform could actually have.

Later, with James leading the way, at one point recently, BTC had $5 billion in holdings. The trading volume also increased several times, and hype's earnings and buybacks significantly increased.

This should be a typical Davis double-click.

Of course, in the end, being inexperienced is the original sin. If you can’t understand growth in a low PE safe zone, let alone in a high PE, it really is just my inexperience.