This week, various global assets are experiencing significant declines. The Federal Reserve officials are still shouting about not lowering interest rates, and market sentiment has plummeted. The seven stars of the US stock market performed well but couldn't rescue the Nasdaq and Bitcoin. Bitcoin has shown negative returns in a bull market year, and the industry dividends have completely vanished. This year, not investing in the crypto circle can outperform 95% of people in the crypto space.
In the cold winter of the river, the bear prophet, second and third-tier exchanges have already begun layoffs. Every day, various capital exits and information about project collapses can be seen. BlackRock's spot ETF, which has been the largest net buyer in the crypto market for the past 22 months, suddenly turned around in November and net sold 2.5 billion. For the crypto space that relies solely on liquidity-driven capital flow, this means that the trend has reversed. After hitting the bottom in the next phase, Bitcoin should see a significant rebound in one or two months; let's see if it can return to 98000.
Bei Jie mentioned before that she would finish this round of work before the National Day holiday and look back to see that it really peaked on October 7th. However, I was obsessed with the altcoin market and failed to align my knowledge with my actions. Recently, I have felt a bit disheartened. I am considering stopping updates on both WeChat and Twitter after returning from the award ceremony in Dubai, and I won't post anymore. I just want to focus on investments and return to the leisurely life I had before I started; it's time to leave.
For me, this round of the bull market has already ended. Recently, I have been reflecting and summarizing deeply. In fact, during the first two years of this bull market, I was doing quite well with my timing. In 2023, I bought Bitcoin at 18,000, Ethereum at over 1,300, Solana at 35, Pepe at 100, as well as Ordi, Bome, Om, and other once-popular coins; in the first two years, I also made significant gains. Friends who followed me early know that these were also quite suitable years for diamond hands.
This year has been the bleakest bull market year since I started investing in cryptocurrencies. Apart from a few coins, most altcoins have fallen from their high positions at the beginning of the year to now. The altcoin market's explosive trends have only occurred in the primary market on the BSC chain a few times, and the secondary market has not seen any action. October and November are usually good months, but the results have been worse than any year! Even if you bought Bitcoin at the beginning of the year, you would still lose money back; only those who shorted this year can make a profit!
The consensus of old investors has been shattered one by one: government shutdown, 1011 coin disaster, trade war escalation, at the most critical moment of the bull market peak, the rhythm was completely interrupted, leading to my misjudgment of the overall direction in the high-level fluctuations, failing to stop losses in time, and the floating profit has significantly retreated. Currently, my real account has a floating loss of 57%.
At the beginning of the year, I started to shrink and control my risk exposure, significantly reducing the number of held coins, and withdrew 20% of the capital, concentrating the rest on a few leading altcoins for investment. As a result, the money earned from mainstream Bitcoin in the first two years has returned more than half during this year's continuously declining altcoin market; although I still made some profit, it was very uncomfortable.
Although I have been warning about the risk of a significant drop for the past few weeks, not being able to help everyone escape the peak in time is the most distressing thing for me. I believe that my followers who invest in altcoins with me are also having a hard time. I haven't opened a paid group; everything is shared for free, but in these past few months, I have charged everyone's faith. We are all waiting for the altcoin season, even if it's just a local trend. Watching everyone lose money and suffer is harder for me than losing myself. I hope everyone can understand where I went wrong!
My thinking as an old investor can no longer adapt to the current market rhythm. The market is contract-driven, and the big altcoin trends only exist in the primary market, which is not my area of expertise. I think I can no longer help everyone; I have indeed tried my best. Since the current situation contradicts my original intention, it is better to go with the flow; I should also leave and take a break; this is the end.
In addition to stopping updates, I am also considering disbanding the community group. Over the past two years, from being ignored to having a booming flow, I have built my own community with nearly ten thousand members. Every article, every comment, I write and share with care. I am very grateful to everyone who has liked, commented, followed, and helped me. Without you, there would be no today's Bei Jie. After returning from Dubai, I will also finally decide whether to stay or go. I want to learn that knowing when to let go is also a kind of wisdom; you have to give up to gain.
Bei Jie is someone who believes in and cherishes fate. This two-year creative journey is the most beautiful memory of my life. This pure memory is more precious than Bitcoin; whether success or failure, perhaps everything is the best arrangement. I am grateful to have you by my side!
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