After several cycles, a clear investment framework has basically taken shape: 1/Early stage of bull market: Low position layout and value accumulation When the overall market is sluggish and the attention is not high, focus on absorbing core assets with long-term value (such as Bitcoin, Ethereum), which have strong risk resistance. Adopting a step-by-step warehouse building strategy, gradually intervening when the market is still at a low level, Avoid the volatility risk caused by a one-time large investment. At the same time, a small proportion of emerging projects with cutting-edge development potential can be explored, But the proportion should be controlled at a smaller part of the overall assets, and adjustments will be made after the market direction becomes clearer. 2/Mid Bull Market: Hotspot Capture and Combination Rotation As market sentiment gradually warms up, various hot concepts (such as DeFi, AI, RWA, Depin, etc.) are emerging one after another. At this time, while ensuring stable allocation of core assets, the layout of emerging fields can be moderately increased. Regularly review and adjust the investment portfolio, flexibly rotate according to market hotspots and industry development trends, and timely convert some high-risk assets into more stable allocations. When the prices of some assets significantly rise, timely cash in some floating profits, convert some of the profits into stable assets, lock in profits, and reserve sufficient funds for future market adjustments. 3/The end of the bull market: Steady harvesting and risk protection When market sentiment reaches a high point and overall valuation deviates from fundamentals, decisively reduce the proportion of high-risk assets and gradually lock in the gains already obtained. Adopting a phased exit strategy, gradually converting profits into stablecoins or core blue chip assets after achieving expected return targets, to prevent sudden pullback risks caused by market overheating. At the same time, maintain sufficient liquidity and take advantage of the opportunity of future market downturns to further replenish blue chip assets, preparing for the next bull market. Bitcoin ETH Solana