Today is the 691st day of my daily posting. If you think I am a serious person, you can walk with me, and I hope the content every day can help you. The world is big, but I am small. Click follow so you won't have trouble finding me.

The biggest bearish factor right now is not the bear market, but that the neighboring US stock market has been making money all along. The most painful thing about this cycle is not losing money, but realizing that you are increasingly unable to believe. In 2021, everyone believed the bull market would keep rising. During the crash in 2022, everyone believed the next bull market would definitely come back. But now, the most terrifying change in the market is not the price, but that faith has begun to waver.
Many people still have positions in their accounts. But they haven't looked at the charts for a long time. Many people say they are bullish long-term, but as soon as prices rise, they want to exit. Many people remain in this market, but their hearts have already left.

Those who have been through several cycles know that what truly makes people leave is never a brutal crash. It is prolonged disappointment.
A crash only hurts the principal; the oscillation and repetition consume faith. When a person begins to doubt:
“Isn’t this time different?”
“Does crypto have no chance anymore?”
“Will the bull market never come again?”
In fact, he is not far from giving up.
But the cruelest thing about the market is: most people always leave after despair and return during madness. What they miss is never the opportunity, but their own last bit of patience. So I increasingly feel that in a bull market, what you earn is never the money of cognition, but the money of persistence, because those who can survive to the next cycle have already won half.