Let me talk about my personal cycle-crossing ability.

You can be pessimistic, but not pathologically pessimistic.
Currently, there is no difference from previous bear markets, and it’s even worse than before, which is normal cyclical behavior.
Our greed, anger, and ignorance are too heavy; we constantly demand new narratives in the crypto world, constantly want to make money.
After playing in the crypto space for so long, there is actually only one core skill: the ability to cross cycles.
This ability is not just talk; everyone's adaptation mode is different.
Let me share my own practice.
Greed, anger, and ignorance are unavoidable; no one can escape them.
Don’t expect to upgrade just by reading a few posts.
The most direct way is rapid trial and error—by betting heavily.
Real lessons can’t come from words; they come from pain.
Words are two-dimensional; facing pain directly is three-dimensional holography.
Only the three-dimensional holography truly belongs to you.
Generally, three times is enough; more often, many people experience bankruptcy once—
First, their self-confidence is destroyed;
Second, they truly lack some luck and opportunity for a second or third comeback.
After three times, you can truly understand that “slow is fast.”
Here, I’m talking about understanding, not just reading others say “slow is fast” and thinking you get it.
If you don’t understand, it must be through experience—
Experience means personally going through despair, pain, and lessons engraved in your genes.
Then, naturally, you will come into contact with concepts like antifragility and barbell strategies.
At this point, you can genuinely calm down and think about these ideas.
For example, I myself am a practitioner of the barbell strategy.
At this stage, I am conservative.
I’ve sold all my BTC and ETH positions.
90% of my assets are in fiat currency—keeping some emergency funds domestically, and overseas mainly in Hong Kong dollars and USD for financial management.
The remaining 10% is in USDT, mainly for trial and error, maintaining sensitivity to frontline opportunities in the crypto space.
Once I feel it’s enough—say, BTC drops to my psychological target—
With 90% in fiat, I gradually start entering BTC and ETH, planning to reach 80% of my total position.
The remaining less than 20% is for betting on new narratives.
At this stage, new narratives are basically emerging.
During this process, I absolutely avoid old coins and coins that are neither here nor there.
The overall allocation is 80% extremely safe assets + 20% extremely risky assets.
That’s what crossing cycles is all about.
The principles are extremely simple and straightforward.
Only through experience can you truly understand them.
And this complete experiential process also requires a bit of luck.
It’s too long and can wear you out; too short and it’s not intense enough to penetrate your bones.
If you’ve already experienced a few rollercoasters, you can stop and think carefully about how to build the ability to cross cycles.
It’s actually not much different from what I just described.
The barbell strategy initially applies to investment thinking, but gradually, it’s used to build personal safety systems—like family, health, education, asset allocation, and identity planning.
All of these are inevitable; at different stages, you will naturally do certain things.
Gradually, your mindset will become calmer, mostly spent on thinking and patching your life system.
This step has no specific capital requirement; as long as you’ve solved most of your rigid real-life problems, you can start building.
From my own experience, regardless of your stage, you must regularly cash out.
Keeping money in crypto and cashing out are two completely different mindsets.
In early stages, cashing out first solves your rigid real-life needs—like parents’ health, car loans, mortgage, children’s education.
Once those rigid issues are resolved, mid-to-late stage cashing out becomes about managing capital allocation—continuously raising your safety threshold.
Real-life problems are highly linked to personal investment.
Solve real-life issues, and your internal sense of security will be stronger, allowing you to wait longer and endure more in investments.
So, overall, I believe the most important thing is that, in the early stages, you must cash out regularly—prioritizing solving real-life rigid problems.
Finally, I want to leave everyone with a sentence:
The true limit of your life is actually determined by your bottom line in reality.