Over the years, I think that each cycle in crypto offers its own opportunities and risks:

The first cycle is the first small breakthrough for many. Most start with very little, but build up a solid portfolio.

One of the reasons is that people often believe the delusional narrative of the cycle’s main meta and therefore hold to the top because they think it will just go higher and higher.

However, this is precisely why the first cycle is often characterized by round trips.

You hold too long, don't sell because you think it will go higher, and in the meantime you give more and more of your profit back to the market.

I’ve seen this a lot with NFTs in 2021/22.

In the second cycle, you are often more conservative as a result, selling too early because you make it a priority not to roundrip again.

Or you completely ignore the dominant meta of the cycle because you still hope that the meta from the first cycle will somehow come back.

Nevertheless, ideally you build up a long-term portfolio here. Maybe not as much as you could have without the disillusionment of the last cycle, but you take home good profits.

The third cycle is often where things come together:

1) A good portfolio starting point to deploy cpaital.

2) Enough experience to be neither too naive nor too conservative.

3) Long-term connections (and ideally an audience) in Web3 to position yourself.

Which cycle is it for you rn?