What kind of people can navigate through bull and bear markets?

What kind of people can transcend bull and bear markets?

In your experiences of crossing through bull and bear markets, what are the 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!”—Back in 2013, survivors buying their first Bitcoin heard this phrase; by the 2021 market peak, it echoed again in their ears; even now, it still whispers like a ghost, as if an old friend has returned. The difference is, the people saying this have changed generation after generation.

Thinking back to my first meme trade, I was also thinking the same—“This time is different!”

At that time, I had just shifted from traditional A-shares to crypto, holding onto the belief that “spot trading doesn’t fear dips, buy more when it falls,” converting a lot of money into SOL, then tossing a few, dozens of SOL into various pools with strange names like sesame seeds.

Back then, I only thought “this coin is only $0.00001, if it rises to $0.0001, that’s ten times,” simple arithmetic replacing complex thinking.

Those messy names still linger in my wallet today, and their existence now seems absurd. Their lifecycle isn’t measured in days or months, but in minutes or hours.

Only at a certain point in time do these projects’ teams stop updating, and the “shared dream” and “build together” in the group quickly turn into accusations and cries of “when will the pump happen.”

That was the first time I truly felt that in crypto, “going to zero” isn’t just exaggerated rhetoric, but a physical reality happening daily in countless wallets.

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

You guessed the ending—I invested my money, but that project never launched, and my “friend” 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 “inside information.”

3. The “Temperament” of Survivors: Clarity After Pain Over the years, I’ve excavated my own mistakes and those of friends who disappeared, and gradually seen that those who can survive cycle after cycle of bull and bear markets exude a certain “temperament.”

It’s not luck, but a complex human nature mixed with pain and clarity.

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

While I was recklessly tossing SOL, survivors were calculating fully diluted valuations, checking on-chain holdings, asking “If everyone sold, how much capital would it take to absorb?”

They don’t just look at price; they look at market cap. They don’t just look at gains; they look at liquidity depth. They know a coin with a $100 million market cap that rises tenfold is harder—more than 100 times harder—than a coin with a $10 million market cap that rises tenfold.

Second, they have a discerning ability for “consensus” and “narratives,” as precise as a surgical operation.

While I was moved and excited by narratives like “moon,” “stars and sea,” they were observing: Are people really using this protocol, or just hyping it? When incentives stop, how many remain?

They use picklecat’s “5 questions for rookies” to scrutinize every hot project: Are there outsiders? Can it pass the incentive decay test? Has it become a daily habit? 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” scam, I realized that in crypto, trust must be based on verifiable on-chain actions and a long-term consistent reputation, not on private “I only tell you.”

Fourth, they have a set of “self-contradictory” behavioral systems.

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

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

These rules aren’t just written commandments; they are ingrained into their trading muscle memory.

Their beliefs are built on quicksand, yet as solid as bedrock.

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

Their faith can calmly state opposing views, rather than fanatical suppression of dissent.

The crypto market is the planet’s most effective “human nature filter.” It doesn’t select the smartest, but the most resilient; it doesn’t select the best at making money, but 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 you’ve observed in those who “survive”?

Is it extreme calmness? Risk aversion? A learning machine? Endurance in solitude? Or decisiveness in killing?

Meanwhile, if you’ve read this far and a face of a friend who fits these traits appears in your mind, please share this article with them and add a message: “I think you are exactly this kind of person.”

Because in this field destined to turn most into fuel, recognizing and approaching those who can survive long-term is itself the most important survival wisdom.