The only hope for retail investors in this bull market is that there is still a little opportunity on-chain. Although the risks are high, there is a chance to win, allowing for a small bet with a big payoff.

This industry has been around since 2016, and the period of easy profits is over. I believe everyone feels that making money in this bull market is not that easy, and the risks are getting higher while profits are getting smaller. In the past, when Bitcoin rose, everyone was extremely happy; now, Bitcoin breaks new highs time and time again, and no one feels anything. Even ETH has stagnated. Most retail investors do not hold Bitcoin. Even if some do, the amount is not large, and slight increases are not significant. For early entrants or large investors, Bitcoin is meaningful, but we retail investors still have to rely on altcoins. However, altcoins have changed too; it’s now hard to make money in altcoins. There are too many cryptocurrencies and sectors, new users are still lacking, and funds are too dispersed. Previously, paper hands were punished; now, diamond hands are punished. It’s a bit difficult to expect to get rich quickly in altcoins in the secondary market. To turn things around in this bull market, we still have to gamble on-chain. If everyone hasn’t made money this year, then those who should be delivering food will deliver food, and those who should be working will keep working. This industry no longer belongs to ordinary retail investors.

Don't be greedy with the money you have made; it's better to be cautious. Only turning USDT into RMB can be called a profit.

In the current market, the biggest problem is not whether you can make money, but once you incur losses, it is very difficult to recover. You shouldn't fantasize about waiting for the next bull market.

The market phase of 2020-2021 was an era where you could easily achieve tenfold, dozens of times, or even a hundredfold returns with your eyes closed.

DeFi, NFT, blockchain games, and the metaverse are all emerging with new narratives, even Bitcoin and Ether can yield returns of dozens of times.

Even if you take the wrong train or miss the right rhythm, there is still a chance to correct and recover.

But now, things are different.

There are more and more traps, the pace is getting faster, yet the risk-reward ratio is worsening.

It's not that there are no opportunities, but the return rates, odds, and hit rates are all declining.

With the entry of institutions into this industry, top global investment institutions and traders are involved, making it hard for ordinary retail investors to compete. Too many people are misled by so-called get-rich-quick stories, all thinking about panning for gold. The number of gold panners is increasing, and most end up leaving in disappointment.

On the road to panning for gold, some people have also made money, but they are not the gold panners; they are the ones providing services to the gold panners. So if you can understand the logic here, you should know how to make money by providing services to the gold panners, taking a different path, treating trading as fund management, and periodically buying spot without further action.

It is easy to say, but hard to do. Once you enter this circle, you are constantly influenced by what you see and hear every day. Watching others profit from contracts makes you feel that you can do it too, leading you to inevitably take a gamble. This is fine, but the key is that you can't stop; you become addicted.