Chapter One: The Madness of the Ignorant (2020-2021)
In that sweltering summer of 2020, I ventured into the crypto world with the 50,000 yuan I had saved through frugality. At that time, Bitcoin had just broken its previous high, and the Ethereum DeFi craze swept the internet. Following a popular influencer on Weibo, I invested all in UNI, and my account ballooned to 320,000 in three months. While eating instant noodles in my rented room, I suddenly bought my girlfriend a Gucci handbag and talked about the "blockchain revolution" at a class reunion, with everyone praising me as an investment genius.
This kind of inflation was completely shattered on May 19, 2021. China's sudden mining ban caused the market to plummet 40% in a single day, and my account evaporated from a peak of 680,000 to 90,000 in an instant. Worse still, the leveraged contracts I increased during the crash ultimately brought my account to zero. When the creditors came knocking, my girlfriend left with the cat, and my father yelled on the phone: "I told you this was gambling!"
Chapter Two: Rebirth from Purgatory (2022-2023)
With 200,000 in online debt, I started delivering food during the day and studying on-chain data at night. When FTX collapsed in November 2022, I discovered a key clue—the exchange's reserve fund loophole had seen a whale transfer assets three days prior.
This made me realize: there are no saviors in this market, only data and logic that cannot deceive.
With the newly saved 30,000 yuan, I built a position against the trend during the American banking crisis in March 2023. When news of Silvergate Bank's collapse broke, I noticed a surge in the on-chain exchange volume of the stablecoin USDC and decisively entered the market at the ETH 1,200 dollar level. Two months later, news of BlackRock applying for a Bitcoin ETF came, and my account first broke the million mark.
Chapter Three: Deadly Temptation and Awakening (2024)
In the MEME coin frenzy at the beginning of 2024, I lost myself again. Swept up by the FOMO sentiment in the community, I invested 800,000 into a dog-themed coin called $TROLL. After the project's price surged by 400%, the team suddenly pulled out and ran away, causing my account to shrink to 170,000. That night, while wandering on the Lujiazui overpass, the on-chain monitoring tool suddenly alerted me— a certain whale address was continuously accumulating liquidity on the Solana chain.
Chapter Four: The Final Battle (2025)
When the White House announced the establishment of a strategic Bitcoin reserve in March 2025, I bet my entire fortune buying into the Bitcoin ecosystem protocol STX. Two months later, as BlackRock's Bitcoin ETF saw a net inflow exceeding $1.5 billion in a single day, the price of STX surged from $1.2 to $48. On the morning of July 17, looking at my account showing a balance of 40.27 million, I silently closed the trading software.
My Investment Revelation:
1. On-chain data > KOL opinions: The key to successfully bottoming in 2023 was identifying anomalies in exchange reserves.
2. Policy cycles determine bull and bear markets: Layout compliant stablecoin tracks in advance during the promotion of the 2024 GENIUS Act.
3. Whale movements hold secrets: Establish your own on-chain monitoring system to track changes in the top 1000 addresses.
Conclusion:
What these five years taught me most importantly is that the true wealth code is not in the white paper, but in the psychological game of the group behind the candlestick charts. When most people were obsessed with leveraged contracts, I learned to seek arbitrage opportunities during flash loan attacks; when the market chased MEME euphoria, I transformed into an on-chain data service provider. Now Bitcoin has reached 120,000 dollars, but I know that this market always rewards those who conquer greed with rationality.
(Please note that all investments carry risks,
Source: mlion.ai
