Just did some calculations—since the beginning of the year, my net worth has doubled. This round was basically thanks to $BTC and a few large-cap altcoins, grinding through secondary markets step by step, clawing my way back from hell. I didn’t catch any of the big opportunities on-chain. The PNUT I bought after listing ended up losing hundreds of thousands of dollars, and I didn’t make anything from the Trump PvE wave either. Later, I wrote a scraper program for the SOL chain on Twitter, thinking I could capitalize on the momentum. But after Trump, SOL hasn’t had any big plays, so I ended up scraping for nothing. Reflecting on why I couldn’t achieve any wins on-chain during these two cycles: 1. I’m not used to betting with small sizes. 2. I don’t like playing with assets that have super low liquidity. These two factors distort operations and mess up the rhythm, and over time, it’s easy to drift away from the system I’m good at. A lot of on-chain plays start with a market cap under $1M. If you throw in tens of thousands of dollars, the whales might think your position is too big and just abandon the pump altogether. Plus, many tokens have liquidity pools that are less than 2% of their market cap. Most of the profits are just paper gains—you won’t make much if you actually cash out. Early on, finding on-chain assets that could accommodate tens of thousands of dollars was already one in a million. And in this cycle, the only real big play that could handle significant capital was Trump. These kinds of big plays often require sacrificing your quality of life, sitting around for ages just waiting for them to happen. The rest of the time, you’re stuck enduring endless net worth erosion. So, for the players who made big money on-chain this cycle, I’m both envious and genuinely impressed. The birth of an on-chain A9 is built on countless A7s losing big. Surviving in this PvP battlefield, where returns are extremely uncertain and the effort-to-reward curve is wildly nonlinear, is a testament to a combination of talent and sheer willpower. Sigh, I’ve come to terms with it. I’m at the age where I can’t compete with the younger crowd’s relentless grind anymore. I’ll just focus on extracting returns from $BTC’s volatility. No need to worry about liquidity issues—it’s much easier to align effort with returns.