This cycle has seen quite a few tragedies caused by ETH, but if you don't use leverage, it's bearable; holding spot won't lose you too much.

In 2017 - 2018, some projects raised ETH through ICOs but did not sell, and ETH fell from a peak of $1400 to a low of $89, leading many projects to quietly shut down.

There was also an episode where VB urged the foundation to sell 70,000 ETH, most of which were sold at the peak.

However, while some project teams shut down, there were still teams holding tens of thousands or even more ETH without selling, managing to hold on, and later it was heard that they quietly became wealthy.