The cruelest truth in the cryptocurrency industry: taking on greater risks than the US stock market may not necessarily result in higher returns! Many people enter the cryptocurrency market because they believe in one thing: The risk in the cryptocurrency market is high, but the return is definitely higher than in traditional financial markets. But the market performance over the past five years may be challenging this notion. The investment return of Ethereum ETH not only lags behind some US tech giants: NVIDIA (NVIDIA) Tesla (Tesla) Microsoft (Microsoft) Eli Lilly (Lilly) Broadcom Even during a specific five-year comparison period, it may fall behind: Nasdaq 100 S&P 500 The question is: If even ETH cannot consistently outperform the US stock market, how many other altcoins have truly created long-term excess returns? What is more worth considering is: The volatility, drawdown, and liquidity risks borne by the cryptocurrency market are often much higher than those of traditional stock indices. But higher risks do not guarantee investors higher returns. That's also why I believe that cryptocurrency investors must start changing their mindset. In the past, we used to believe that: As long as you buy cryptocurrency, the long-term returns can crush the US stock market But as the market gradually matures, competition intensifies, and token supply continues to increase Only a very small number of assets may truly create excess returns in the future. Of course, the five-year return is highly dependent on the start and end dates, and a complete comparison should also include dividends, token pledge income, and transaction costs; Relying solely on the performance of ETH cannot prove that the entire cryptocurrency industry has lost opportunities for high returns. But this does not affect the core concept I want to emphasize: Don't think that all funds must stay in the cryptocurrency circle just because you are in it. Our goal has never been to prove that cryptocurrency is better than the US stock market. Our goal is to make money, to create better long-term returns under reasonable risks. If the risk adjusted returns of US stocks are better, why can't we allocate to them? If the long-term investment logic of Bitcoin is clearer than that of altcoins, why must we chase after altcoins? A truly mature investor should not have faith in any market, but should be responsible for their own capital. Are you here to make money in the cryptocurrency industry, or are you here to prove that the cryptocurrency industry will definitely win? Responsible for analyzing with position.