The market never really changes the rules.

The most heard phrase recently: "This drop is too severe, it feels like it's over." But what about a month ago? When the price surged to 120,000, these people rushed to get in, complaining that my position wasn't large enough, saying I didn't know how to seize the opportunity.

In simple terms, crypto assets are a new thing with a high risk exposure. When the economy is good, funds are willing to take risks, and they rise first; when the wind changes, they also run fast. It's like during flu season, where those with sensitive constitutions are always the first to be affected—this is not a flaw, but a characteristic.

Since the first block was mined in 2009, the underlying code logic has never changed. It runs exactly as it should, transparent like a glass house. What has truly changed are the people who are monitoring the market.

When it goes up, they shout "revolutionary asset," and when it goes down, they curse "Ponzi scheme." How many people label things based on price? If it's high, it's good stuff; if it's low, it's garbage. Chasing highs and cutting losses, in the end, the account is a mess, yet they blame the market for being unfair. People would rather scroll through ten gossip news articles than spend two hours figuring out what they are actually buying.

My approach has always remained the same: use small capital to practice my instincts following the waves, and lock in large positions to wait for the cyclical turning point in 2026. What does investing require? It's not about staring at the K-line every day and getting anxious; it's about the perseverance of a farmer working the land — if you need to wait, then wait; when the time comes, you'll know.

Those who shout "this time is really different" have actually forgotten the simplest principle: the market has always been cyclical, and the greed and panic of human nature have not changed their formula since ancient times. Those who can stay are always the ones who can endure loneliness.

#美股2026展望 $ETH