1. Every significant adjustment of Bitcoin triggers capital to buy the dip, causing the amplitude of each round of adjustment to gradually converge. To avoid losing chips, the main players will more often conduct wash trading through "horizontal trading instead of adjustments".

2. Historically, the development of each bull market is filled with complexity and volatility, with almost no opportunity for easy wins. Choosing a field you are good at and persisting in the long term is the only way to ultimately achieve excess returns.

3. The sluggishness of Ethereum is more about total demand issues, rather than the draining of Layer 2 or the squeeze from new public chains. On the contrary, in the Layer 2 era, the role and demand paradigm of Ethereum have changed, which will significantly enhance Ethereum's growth ceiling.