In recent years, I have become increasingly convinced of one thing: The money earned in a bull market is not determined by the bull market. But it was decided in a bear market. Many people think that they are losing money because of their poor skills. Actually, it's not. Most people lose money because they cannot withstand the cycle. During a bear market: I want to sell anything I see. I feel like the industry is over. I think BTC is not working anymore. I feel like nobody is playing ETH anymore. I think Meme is dead. I think AI is just a concept. The result is waiting for the market to really come back. They are no longer at the table. The cruelest part of the market is here: When it rises, it makes you feel like a genius. When it falls, it makes you doubt that you are useless. But in reality. You may not have changed anything. Just the cycle has changed. I recently discovered an interesting phenomenon. Many people discuss every day: How to reform ETH Foundation Can Solana Payment Narrative Get Up How to implement stablecoin regulation Are on chain stocks the future But few people discuss: Can one survive until the next cycle. I have seen too many people: A bull market earns ten times. A bear market loses 90%. Finally, the account returns to the starting point. The reason is not a misjudgment. But the position is wrong. Risk management is wrong. Wrong emotional management. After experiencing several rounds of bull and bear, you will find that: A real big opportunity. It's never the lowest point to buy. But it can still hold on after the trend is formed. The real big risk. It's not a sharp drop either. But before the crash, believe that you will never lose. The market rewards never the smartest people. But rather: I didn't die when I fell. It was still rising. When the trend comes, there is a position available. When the trend goes, there is cash. Remember one sentence: The prediction is exciting. Risk control keeps people alive. And alive. Only then are they qualified to wait for the next bull market. ——Ziqi