In the fall of 2022, I made a decision that seemed crazy. While the entire market was still going crazy to go long and a certain celebrity with one hundred thousand followers was shouting "ETH Full Position go long" at 8900 points, I pressed the short order with 10x leverage in reverse. At that time, the crypto space was full of claims that "institutional funds are coming soon," and this KOL was still showcasing meticulously edited screenshots of his holdings.

The comments section is filled with voices saying "let's eat meat with the celebrity." But my long-term observation of market sentiment tells me that when retail investors' thoughts are highly consistent, a reverse trend is often just around the corner.

It indeed happened a week later. The prices of mainstream coins plummeted, and I closed my position during the rebound, with my account increasing by seven figures. But the backend messages exploded, all asking for help with liquidation.

This is the truth of the encryption market. What seems like a simple following of orders is actually a carefully designed game. Many people think that following orders is a shortcut, but in reality, they have already been treated as "chives". I have seen too many such tricks: first quietly build a bottom position, then publicly call orders, prompting retail investors to follow the trend and drive up prices, and finally sell off in batches.

The so-called "copy trading" seems to be just the reverse operation of others - if others go long, you short, and if others short, you go long. It sounds simple, but the key issue lies in the source of the data. There are mainly two methods in the market: one is to grab data from online simulation competitions, which has limited authenticity and is also laborious to filter; the other is "closed-loop breeding," which involves the issue of information asymmetry. When the signals you see have already been optimized and filtered, your decision-making space has already been restricted.