Recent Review and Reflection Although I did some defense, I still managed to pull back a lot from the recent drop, and coupled with poor health, I really felt depressed for a few days. Learn from the pain, sit down and think carefully about where the problem lies. We cannot fall down in the same place again. I've written a lot, but I don't think it's necessary to bring it all out. So, let's pick out the most important point and share it. The deepest feeling is: The once highly respected "HODLer" spirit/"Diamond Hand" spirit in the industry may no longer be applicable after this cycle, and will be replaced by the "Trader" spirit. Since I entered the industry, being a "HODLer" has always been a positive term with a halo, and it has indeed helped me overcome multiple dark forest eras of bears, cows, and grass, and accumulate a large amount of wealth. Many people have made big money from long-term holdings of tokens such as BTC, ETH, BNB, and even XRP, including "diamond hands" and even "fossil hands". The ability to compete and hold high-quality assets without being influenced by the outside world was once the most time tested winning rule in this circle, and it has also allowed legendary stories such as "going to jail and getting rich" to be passed down to this day. But looking back now, were there any projects in this cycle where retail investors gained excess returns through long-term holdings after public offerings? Is there anyone else besides SUI SOL who can obtain ATH in this cycle after expanding the scope to start in the previous cycle? It's easy to say that I can cross the gap between a bear and a bull. I don't know how many people have praised me for being able to do it after entering the industry, but until now, those who can achieve immortality, continue to have a development team, and the founder is still actively working are rare. If the market value and users continue to expand, then even less. This matter is not new, it can be seen in the first few cycles, but I can still find "gold" through screening to some extent and obtain profits through long-term holding. However, in this cycle, as the differentiation between BTC and knockoffs becomes more and more serious, the profits of "Holder" are increasingly surpassed by "Trader". Simply put: 'Good buying' is the foundation, 'good selling' is more important than 'holding' So the biggest lesson for me this time is the need to accept the transition from the "Buy and Hold" philosophy to the "Buy and Sell smart" philosophy. The accompanying changes include controlling the number of targets, trading discipline, and standards for DD project investment. In the past, NFTs, inscriptions, Hypeliquid, Trump memes, and others were all opportunities for retail investors to intervene and significantly increase their wealth. However, for those who are truly devoted to their faith and have obtained it now, Hype seems to be good for the time being, while others are crying loudly. Amidst countless new projects emerging and being washed away, the cryptocurrency industry will eventually give birth to some star like inflas, leading blockchain into mainstream society step by step and becoming a part of the 'technological revolution'. But it is also necessary to acknowledge that 99.99% of projects will return to zero, flash in the pan at the peak of attention, and gradually disappear. If we only drill, the ultimate result will be just an exciting roller coaster ride. There are only a few items worth holding on to for the long term, and each one needs to be cautious before establishing faith. Finally, let me make a market judgment: I don't think the bull market has ended and BTC has not yet reached its peak. It is highly likely to fluctuate sideways, waiting for the favorable timing, location, and timing of the next uptrend. But the general knockoff season will be difficult, and even if it comes, it will be more reflected in a few tokens with fundamentals, narratives, and capital support. let's see