Why is it so difficult to make money in this round of the bull market? The core reason is that the cryptocurrency ecosystem has changed significantly since before 2021:

1. Shift in market leaders: After the approval of ETFs, institutions and quantitative teams have become dominant, leaving retail investors at a disadvantage. Quantitative strategies precisely target retail operations—buying leads to drops, selling leads to rises, and adding positions leads to losses; retail losses have become their stable profits, with funds either converting to Bitcoin or cashing out, not remaining in the market for long.

2. Market decentralization: The proliferation of new coins has led to the dilution of funds, with many new coins essentially being 'air'. After retail investors exchange for USDT, they can only exchange back at a discount when they want to, and liquidity has been siphoned off for stable returns, no longer flowing back into the market.

3. Information asymmetry and upgraded games: News is often pre-set, and retail investors are already lagging when they buy in; institutions deeply understand retail psychology, creating scenarios that lead to missed opportunities or being trapped through wash trading and trend changes. Only BTC and ETH are relatively 'fair' due to their large market caps and high trading costs, while altcoins are often premeditated harvesting games by whales.

In the past, bull markets had a unified trend, and buying positions meant profit; now, the market is filled with 'scythes', with funds, speculative capital, and institutions taking turns to harvest, greatly squeezing the survival space for retail investors.