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

What kind of people can truly transcend bull and bear markets?

In your experiences of crossing bull and bear market cycles, what are the core traits of those who ultimately “make it”—the real survivors?

After reading picklecat’s article, the question I’ve had brewing in my heart for a long time finally has a clear answer.

1. The Everlasting Illusion, Named “This Time Is Different” “This time is different!”—back in 2013, when the survivors bought their first Bitcoin, they already heard this line; by the 2021 peak of the bull market, the phrase echoed in their ears again. And even now, it still whispers in their minds like a ghost, as if an old friend has come back. The only difference is that the people saying it have been replaced again and again.

When I think back to my first meme trade back then, the same thought was spinning in my head too—“This time is different!”

At that time, I’d just shifted from the mainland A-share market to Crypto, carrying my A-share faith that “spot doesn’t fear getting trapped—buy more the lower it goes.” I converted a lot of money into SOL, then—like sprinkling sesame seeds—I threw a few, dozens of SOL into all kinds of pools with strange names.

Back then, I only thought, “This coin is only $0.00001—when it rises to $0.0001, that’s ten times.” Simple arithmetic replaced complicated thinking.

Even now, those messy names still linger in my wallet, and their very existence now feels absurd. Their lifecycle isn’t measured in days or months, but in minutes or hours.

It was only at some point in time that project teams no longer updated. The “shared dreams” and “build together” in the group quickly turned into mutual accusations and the wailing 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—it’s a physical reality that happens every day in countless wallets.

2. The Most Expensive Tuition: The Fantasy of “Insider Information” An even more ironic lesson came from the circle I trusted the most. When I started to doubt life because I lost money trading memes, a fellow “iron buddy” found me. “This time is really different,” he said mysteriously. “I know someone from the project team. They’ll be going up to a big exchange next month. An internal price—guaranteed profit.”

You already know how this ends. I put my money in, but the project was never launched. My “iron buddy” also told me he’d been scammed. That money became the most expensive lesson of my cypto career (so far)—it completely bought out and extinguished my last shred of fantasy about “insider info.”

3. Survivors’ “Temperament”: Clarity After Wounds Over the years, I’ve dug up the mistakes I made and the mistakes made by those vanished friends—almost like archaeology. And I’ve gradually come to see that people who can get through one bull-and-bear cycle after another carry a certain shared “temperament” that seems to emanate from them.

It’s not a temperament of luck, but a complex human mix—pain and clarity intertwined.

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

While I was carelessly throwing SOL around, survivors were computing fully diluted valuations, checking on-chain position distributions, and asking, “If everyone sells, how much capital would it take to absorb it?”

They don’t just look at price—they look at market cap. They don’t just look at upside—they look at liquidity depth. They know that when a coin with a $100 million market cap goes up 10x, it’s not just “10x harder,” it’s more than 100x harder than a coin with a $10 million market cap doing the same.

Second, they can distinguish “consensus” and “narrative” with an ability as sharp as operating-room precision.

While I was moved and swept up by narratives like “the moon” and “stars and the vast sea,” they were watching: Are people truly using this protocol, or are they just trading the hype? When the incentives stop, how many will remain?

They use the “5 questions for newbies” from @0xPickleCati to pressure-test every hot project: Are there any outsiders? Can it pass the incentive decay test? Has it become a daily habit? Are users willing to endure temporary shortcomings for the benefits? Is anyone willing to do “build it with love” instead of chasing rewards?

Third, their understanding of “trust” is cold—like a block of ice.

After my “iron buddy” got me with a scam, I finally realized that in cypto, trust must be placed on verifiable on-chain behavior and a long-term, consistent reputation—not on private “I’ll just tell you.”

Fourth, they have a set of “anti-themselves” behavioral systems.

This is the most core point. They know their emotional weak spots—fear, greed, FOMO, and revenge trading—and when the market is calm, they already have action roadmaps set in advance for moments when emotions threaten to run wild.

“If it drops 30%, I cut my position by 25%, not add more.” “Any buy decision must cool down for 24 hours before execution.” “If a single trade loss exceeds 2% of total funds, stop all trading for today.”

These rules aren’t commandments written on paper—they’re embedded as muscle-memory in their trading instincts.

Their belief is built on quicksand, yet it’s as solid as bedrock.

It sounds contradictory, but that’s exactly the key. Their “faith” in a token or protocol is grounded in a sober awareness that it might fail. They embrace uncertainty; therefore, their persistence isn’t blind loyalty. It’s the adult mindset of, “I’m willing to bet on this possibility and bear all consequences.”

Their belief can state opposing views calmly, rather than zealously eradicating dissent.

The Cypto market is the most effective “human-nature filter” on this planet. It doesn’t filter for the smartest; it filters for the most resilient. It doesn’t filter for those who make money the best; it filters for those who most understand how not to lose money.

I also want to ask everyone: in your experiences of crossing bull and bear markets, what is the single most core trait you’ve observed in those who survive?

Is it extreme calmness? Risk aversion? A learning machine? Solitary endurance? Or decisive, ruthless action?

And at the same time, if you’ve read this far and a friend’s face—someone who matches these traits—pops into your mind, please share this article with them and add a line: “I think you are just like this.”

Because in a field where most people are destined to become fuel, recognizing and getting close to those who can live on long-term is itself one of the most important survival wisdoms.