Many who entered the market last year only focused on contracts and those highly volatile altcoins, chasing trends, following others, and making a fuss. Once the hype is over, everyone scatters. The so-called 'construction' in the crypto world is 99% fake; those who are awake know that those who talk to you about construction are just trying to keep you from leaving, while conveniently paving the way for the speculators.



Many retail investors' lifecycles can't even last half a year. I've seen too many people come and go; I used to be a high-leverage contract warrior too. I've said many times that in 2020, I lost over a million in contracts in one week, sold all my BTC spot holdings to raise 500,000, and ended up turning it into 5 million within a week.

At that time, I hadn't been trading contracts for long, had no strategy, only gambling. With a gambler's mentality, I only thought about breaking even. I always said that the 5 million was purely good luck, nothing more. It wasn't skill; it was luck.


The question is: do you have my luck back then? With 500,000 in hand, would you dare to go all in on a 50x contract? I dared at that time—because I was already so frustrated and didn’t want to care about anything.



There was also an incident regarding OK. At that time, all my assets were in OK, and then the boss of OK was suddenly arrested. Someone in my friend circle completely broke down, selling BTC at a 30% discount in a panic, but no one bought because everyone was afraid OK would fail. He knew I liked to hold spot, so he came to me to take over 5 BTC. I offered him a 50% discount, saying that I was also fully invested in OK, and if the platform collapsed, I could only liquidate my company's spot before paying him. It didn't go through. A few days later, the OK boss was released, and the coin price rapidly rebounded.



After this incident, I started to diversify my positions, withdrawing whatever I could. That year, I didn't touch contracts again. After making money, I no longer thought about wanting 'bigger and more' because I knew very well that contract trading without a strategy would eventually lead to harsh lessons—some people persist until the end, while others survive. I just wanted to avoid the darkest moments, so I returned to regular BTC investments.


Having been in the crypto space for a long time, I understand how fragile altcoins' risk resistance is. As early as 2020, I only recognized 'Bitcoin' and 'Ethereum'. In a bull market, altcoins only dare to try small positions at the beginning; otherwise, it often results in 'buying at the highest point and selling at the lowest point,' which I don't think anyone would deny.



Speaking of regular investments in Bitcoin, at first, I only understood the fund model: not looking at the price, buying a fixed amount at a fixed time. In between, I would take profits and trade, using my earnings to exchange for cash with my brother to continue buying. The main reason I could persist for several years without giving up was that I had never lost money on regular Bitcoin investments.


Because I have my own discipline: I clear my positions when I think the price is high. When the market is bad, there will still be rebounds within a month. When the market is good, I buy over a million in a month; when the market is bad, I still have to buy tens of thousands. In fact, I never thought Bitcoin would rise to 100,000; I expected it to reach a maximum of 50,000.

When Bitcoin rose to 60,000, the hundreds of thousands in spot I had kept me awake all night—I could have been financially free if I had kept all my positions. Even so, with this 'foolish' regular investment, I still easily earned several million.

After I finished clearing my Bitcoin holdings, I waited for another bull market cycle. During this cycle, I set my sights on Ethereum, which is also a deep pit. Next time, if I have the chance, I will write about this pit that cost me millions in profits.



Ultimately, a bull market is not a good time to build positions.


I have always believed that only in a bear market is there an opportunity to make money with your eyes closed.


After experiencing two rounds of bull and bear markets, I can responsibly say that far more people become rich in bear markets than in bull markets.


Don't be foolish; do you think you can make money by opening contracts in a bull market? But in a bear market, as long as you can hold on, anyone can make money.