Review of the First Half of 2025:

Opportunities in January: The big funds' opportunity is Trump; missing out may mean many years without another chance, but small funds are less affected. (Looking at a market cap of 1.5 billion, it doesn't feel significant; I misjudged the president's influence because I participated in several of his projects before, but none reached a billion, which made me understand the difference between a confirmed president and a potential one.)

TST is also a relatively good opportunity, considered a favorite among small to medium-sized investors. ai16z also surged from a 200 million market cap to a 2 billion market cap during this period.

Opportunities in February: A comprehensive shorting of various coins, the listing of the Pi coin, and IP and Kaito are considered decent opportunities. There weren't any iconic opportunities this month.

Opportunities in March: The BSC ecosystem exploded, with Mubark, Tut, Sonic's Shawdo, etc., having a burst of activity for a while.

Opportunities in April: BTC, ETH, and SOL all hit bottom, and the market began to rebound due to favorable news from Trump. BIG, RFC, Troll, etc. are considered stage opportunities. At the same time, Binance Alpha's TGE began to rise, as well as Four's SkyAI transfer launch. Dark Mtn is also considered a good opportunity.

Opportunities in May: The exchange market exploded, with Virtual and Sui being viable. BOOP, Launchcoin, and Lestbonk's low-priced coins on the adventure island NXPC's BSC chain. These opportunities were also quite good.

The above are all opportunities we can understand and have participated in, but ultimately did not yield good results, requiring some reflection.

This year's market lacks fixed characteristics and sustainability; the KPI for scammers this year is quite harsh, and many who made money last year have lost a lot, with assets shrinking by 80%. Therefore, everyone feels a sense of crisis, especially those who were able to relax last year without results. In this scenario, the P-Xiaojian group, primarily driven by the post-00s generation, is quite pragmatic and not overly ambitious. Without violent capital, or in a focused situation, market caps come and go quickly, unlike last year's projects that could stabilize at a certain height.

This year, Binance's coin listing strategy more often chooses coins they have chips in, and there seem to be too many TGE projects, so they created an Alpha to attract Web2 players and achieve growth.

In summary, Binance's own coins can't even make it to the market; scammers don't care about this little traffic; it's more cost-effective to seek traffic outside the circle. This year focuses on a money-grabbing rhythm, from Trump to P-Xiaojian, it's all about grabbing what can be earned. In this atmosphere, protecting the principal, reducing participation, and filtering out a lot of dazzling distractions to build one's spirit become particularly important.

The goal of P is to filter out leaders, which can then be held overnight with peace of mind; generally, there are very outstanding perspectives, and the current market is unique and easily focused on. Later followers, even with the same fundamentals, find it hard to become leaders, even stronger ones like Grok and RFC, all come from Musk; however, by the time Grok was introduced, this concept had been used many times already, and even if it is more blatant now, it is difficult for capital to generate fantasies.

In fact, the recently popular Launchcoin was somewhat unexpected and cannot be deemed inevitable. However, its advantage lies in the platform coin aspect, which can be traced. But currently, we do not fully understand the interests between platform coins, launches, and devs, and the project parties have not made this clear.

The launch of BOOP also aims to seize the traffic for pumping; the model hasn't taken off. Letsbonk is also trying to seize the market, but it seems that the background and total capital still fall short in comparison.

Everything points to a false prosperity, with each pursuing their own development views. In this market environment, what we should do is observe more and act less, nurture our spirit, trust each other, feel the market atmosphere, and find the most unique angles, rather than thinking about surrounding matters and rising through connections like I do.

This year's patterns are difficult; we should all feel a sense of crisis about being eliminated. Insufficient market capital is one aspect, but another is that we indeed haven't updated our methods or tools for a long time; it's time to learn.

Not making money is not so shameful; it’s not so important if it's not led or discovered by ourselves. Although we all want to have a commendable record, the result is what matters most.

Give up the fantasy; it's either the lead or the retail investors.