Having been in the cryptocurrency space for nearly nine years, I have profound feelings when reflecting on the differences between the last bull market and this one. In the previous round, the reason retail investors could make money was simple: they bought what they could hold, remained calm when they had it, and dared to hold on even when prices fell. At that time, the market was small, there were few coins, project valuations were low, unlocks were slow, the chips were relatively clean, and the roadmap was being followed as planned. Retail investors were not betting on who could run faster; they were accompanying the projects in telling their stories, and many gradually made money as a result.

However, this round of the market is completely different. Now, many projects have a market cap of tens of billions on their first day, token economics are complex, unlock periods are frequent, and there seems to be a reason for price crashes almost every month. The structure of retail investors has changed; many are beginning to doubt whether they are the last ones to take the fall. In this environment, it is difficult for retail investors to hold their positions; the market's volatility leaves us lost. Worse still, the market makes you miss opportunities if you don’t hold, and if you do hold, you are just waiting for prices to drop.

In the past, I would still believe in "long-term value," but now I begin to understand that the secondary market is no longer creating opportunities for retail investors, only continually passing the buck. The most terrifying fact is that you are no longer afraid of losses because your mindset has become numb. Over time, I have only learned one principle: do not talk about the future, only talk about when to cash out.

In contrast, the rise of meme coins makes no false promises, has no long-term construction, and up is up, down is down. There is no so-called long-term faith, and even if there is, it is merely a slow descent to zero. The success of meme coins is simply the last resistance of retail investors in this wave of the market, but in the end, we also realize that this resistance is actually consuming our faith.

So, let's wash up and sleep; we are just a speck of dust in the long river of history. Those who do not sleep must either exit or continue to wait, waiting for the opportunities for retail investors. But opportunities, I’m afraid, may no longer exist. @交易员-K哥