What kind of people can survive the bull and bear markets?

What kind of people can traverse bull and bear markets?

In your experiences of crossing bull and bear cycles, what are the most core traits of those who ultimately “survive”—the true survivors?

After reading picklecat’s article, the long-held question in my heart finally has a clear answer.

1. The Eternal Illusion, Called “This Time Is Different” “This time is different!”—in 2013, when survivors bought their first Bitcoin, they had already heard this phrase; by the 2021 bull market peak, it echoed again in their ears; and even now, it still whispers like a ghost, as if an old friend has returned. The difference is that the people saying it have changed repeatedly, batch after batch.

Recalling when I first traded memes, the thought running through my mind was also, “This time is different!”

At that time, I had just shifted from traditional stocks to Crypto, carrying the belief from the big A market—“spot trading doesn’t fear being trapped, buy more as it drops”—and exchanged a lot of money into SOL, then threw several, dozens of SOL into various pools with strange names, like sprinkling sesame seeds.

Back then, I only thought, “This coin is only $0.00001, if it rises to $0.0001, that’s ten times,” and simple arithmetic replaced complex reasoning.

Even now, my wallet still contains those messy names. Their existence now seems absurd to me. Their lifecycle isn’t measured in days or months, but in minutes and hours.

At some point, these project teams stop updating, and the group’s “shared dreams” and “build together” quickly turn into mutual accusations and cries of “When will they pump the price?”

That was the first time I truly felt that in Crypto, “going to zero” isn’t an exaggerated figure of speech—it’s a physical reality happening daily in countless wallets.

2. The Most Expensive Tuition: The Illusion of “Insider Information” A more ironic lesson came from the circle I trusted most. When I started doubting life after losing money trading memes, a close friend found me. “This time is really different,” he said mysteriously. “I know someone from the project team. Next month, they’re going to list on the big exchange. Internal price, guaranteed profit.”

You can probably guess the ending. I invested, but that project was never launched. My “friend” later told me he also got scammed. That money became the most expensive lesson in my crypto career (so far)—it completely shattered my last illusion about “insider info.”

3. The “Vibe” of Survivors: Clarity After Wounds Over the years, I’ve excavated my own mistakes and those of vanished friends, like an archaeologist. Gradually, I’ve come to see that those who can survive one bull-and-bear cycle after another emit a certain “vibe.”

It’s not a lucky vibe, but a complex human trait—mixed with pain and clarity.

First, they have an instinctive reverence for numbers and a clear sense of scale.

When I was randomly throwing SOL around, survivors were calculating fully diluted valuations, analyzing on-chain holdings, and asking, “If everyone sells, how much capital is needed to absorb the sell-off?”

They don’t just look at price—they look at market cap; they don’t just look at gains—they consider liquidity depth. They know that a coin with a $100 million market cap rising tenfold is far more significant than just a 10x increase—it’s orders of magnitude beyond a $10 million market cap coin.

Second, they can distinguish “consensus” and “narrative” as precisely as a surgeon on an operating table.

While I was emotionally moved by narratives like “the Moon” and “stars and seas,” they observed: Are people truly using this protocol, or are they just hyping? When incentives fade, how many remain?

They use the “5 Questions for the Small Fish” from @0xPickleCati to scrutinize every trending project: Are there outsiders? Can it pass an incentive decay test? Has it formed daily habits? Are users willing to endure temporary shortcomings for its advantages? Is anyone willing to power it with love?

Third, their understanding of “trust” is as cold as ice.

After my “friend’s” scam, I finally understood: in crypto, trust must be based on verifiable on-chain actions and a long-term consistent reputation, not on private promises like “I only tell you.”

Fourth, they have a self-anti-behavior system.

This is the most core point. They are acutely aware of their emotional weaknesses—fear, greed, FOMO, revenge trading—and pre-define action plans for moments of emotional outbursts during calm markets.

“If it drops 30%, I reduce my position by 25%, not add more.” “All buy decisions must be cooled down for 24 hours before execution.” “If a single loss exceeds 2% of total capital, stop all trading for the day.”

These rules aren’t mere dogmas written on paper—they are ingrained into their trading muscle memory.

Their beliefs are built on quicksand, yet as solid as a rock.

It may sound contradictory, but that’s the key. Their “faith” in a token or protocol is based on a sober awareness of its potential to fail. They embrace uncertainty, so their persistence isn’t blind loyalty—it’s the mindset of an adult willing to bet on this possibility and bear all consequences.

Their belief can calmly state opposing views, rather than fanaticically eliminate dissent.

Crypto markets are the planet’s most effective “human nature filter.” It doesn’t select for the smartest—it selects for the most resilient; it doesn’t select for the biggest earners—it selects for those who understand how not to lose money.

I also want to ask everyone: in your crossing of bull and bear markets, what is the most core trait of those who “survive”?

Is it extreme calmness? Risk aversion? A learning machine? Endurance in loneliness? Or decisive action without hesitation?

Meanwhile, if you’ve read this and a friend who embodies these traits comes to mind, please share this article with him and add a note: “I think you are exactly that kind of person.”

Because in this field, where most are destined to become fuel, recognizing and approaching those who can survive long-term is, itself, one of the most vital survival wisdoms.