This question is very well asked, but I can't give you a clear answer. After all, I'm still an outsider in the investment research field. The only thing I can somewhat logically deduce is $BTC, but does my profit from Bitcoin relate to my investment research? Yes, but not much. I realized that my main profit from BTC comes from the fact that I never sold. Indeed, the several buy points I publicly called out after 2023 have performed quite well, but if I had traded in and out, I might not have made that profit.

Similarly, I haven't put much effort into researching $ETH and $BNB, yet I have made money, and the way I made money is the same as with BTC—by not selling. You might ask what I really researched; I did look into BNB early on. However, I haven't put much effort into Bnbchain, and my research on ETH isn't extensive either.

On the contrary, in the area of #BTCFi, where I genuinely put in effort, I haven't made a dime. This is mainly because I overanalyzed the logic. I found it all unappealing, and while my research on RWA was decent, I suffered losses in BTCFi. It was only by separating financial investment from innovation that I started making money. If I were ten years younger, I still wouldn't have made that money.

Of course, I am more astute now. I believe research cannot be "closed-door" and must be "open-source." Some projects are poorly executed, with insufficient narratives and confused goals. In such cases, we shouldn't look down on them but rather help the project teams sort things out. Although the final outcome may not align with my expectations, it can indeed help the project grow, and it can also be profitable. However, the money made from this is still unrelated to trading. In fact, some of the big players I know who excel in secondary investments are not very focused on investment research.

Therefore, I think investment research in the secondary market relies more on understanding rather than thoroughly studying the project itself. Having a good grasp of the core logic of the project is sufficient. For example, in the recent Aster incident, being able to recognize in advance that Aster was strongly supported by Binance and that $APX had merger expectations allowed some to outperform many others. However, among those who sold at a high, there were still many, and only a limited few, like @0xVeryBigOrange, @CryptoErgou, and @SEFATUBA3, truly achieved significant results.

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