Looking at this year's NASDAQ line, you can actually understand one issue:

At this stage, the long-term holding strategy for ordinary people isn't that simple.
Many people hear "long-term holding" and interpret it as buying and not moving, ignoring dips, and not selling when it rises.
But the problem is, when assets have already reached this level, long-term holding faces not just normal fluctuations, but collective overextension in valuation, liquidity, profit expectations, and market sentiment.