In a bull market, do you feel like you're incredibly powerful?
Just buy any coin and it goes up, blindly go all-in and still make money, talk about hundred-fold coins non-stop, feeling like the chosen one, with knowledge that crushes everyone else.
But have you ever thought: is the money you're making from skill, or from the cycle?
When a bear market comes, the tide recedes and who's swimming naked becomes obvious.
The once-miraculous moves turn into buying the top, those who claimed to hold long-term get cut at the bottom.
Those who thought they were catching the bottom end up stuck halfway up the mountain.
That's how crypto is: bull markets create gods, bear markets break hearts. Whether you're profiting from insight or cycle红利, once the bear market passes, the truth becomes clear.
If SBF's FTX hadn't rushed to liquidate its portfolio post-bankruptcy
These assets' market caps would have skyrocketed to jaw-dropping levels:
Solana: $5.1 billion (26x)
SpaceX: $15 billion (75x)
Cursor: $3 billion (15,000x)
Robinhood: $4.9 billion (8x)
Anthropic: $82.3 billion (165x)
Genesis Digital: $3.5 billion (3x) total valuation hitting $114 billion
Just the return on the Anthropic investment alone would easily cover all creditors' principal and then some. This might be the most expensive 'early exit' in financial history—choosing to cut losses when it was the best time to hold.