The most heartbreaking realization in the crypto world is: living longer is far more important than earning quickly.

Looking back at my five years of account records, I still remember those bloody lessons. When I entered this circle in 2019, I was no different from most newcomers—my mind was filled with dreams of leverage trading on contracts. Spot trading was too slow, and those annualized returns were simply not attractive.

Then came March 12, 2020. On that day, my contract position was wiped out directly, and half of my principal evaporated instantly. Meanwhile, my Bitcoin spot holdings, although also significantly reduced on paper, still safely rested in my wallet. As everyone knows later—those spot holdings I dismissed not only recovered to break even but also generated quite substantial profits.

This is the first painful lesson I want to share: during a bull market, spot trading may not make you rich fast enough, but it will definitely prevent you from being wiped out.

The contrast between two investors around me can illustrate this point.

**Old Zhou’s story**

Over five years, his 50,000 yuan turned into 2 million. It sounds crazy, but his approach is exactly the most "boring" kind. His phone only has Bitcoin and Ethereum candlestick charts, and he looks at nothing else. When the market crashed on March 12, everyone was screaming and selling, but he was adding to his positions. His words were: "Even supermarket discounts aren’t this fierce."

His investment logic is so simple that you might think he’s joking: buy in tranches when the drop exceeds 20%, and sell in tranches when it surpasses previous highs. Last year, when Ethereum surged to $4,800, he sold half of his position in three rounds. Later, when the price continued soaring to $5,200, he had no regrets. "Only make money you can understand; greed has always been the root of losses."

This isn’t some profound investment philosophy, just the simplest self-discipline.

**Another path**

In contrast, another friend’s story isn’t so warm. He’s a leverage enthusiast, always eager to open a contract at every market move. In the 2021 bull run, he indeed earned more than Old Zhou, but in the 2022 bear market, several margin calls directly knocked him out. Now he even regrets not having started earlier on mainstream coins he ignored.

So, the survival rule in the crypto circle is actually quite straightforward. Everyone can feel the temptation of quick gains, but those who truly last until the end and see the rewards are often those willing to slow down. Spot investing may not be as exciting, but it guarantees you’re still in the game. The market is too volatile, and every black swan filters people—those greedy get knocked out, and those who survive end up making money.