When the bull market arrives, do you feel elated, thinking you've become an investment genius? Making a project double just by casually investing, going all-in with a guaranteed profit, repeatedly chanting targets of hundreds of times the return, as if you’ve already seen through the market.

But this is a question worth pondering: are the profits in your pocket truly from your skills, or are you just riding the wave of the cycle?

When the trend reverses and the market tide recedes, the truth will be laid bare. Those once brilliant moves will later become lessons in high-level capitulation.

People shouting about long-term holding end up cutting losses at the bottom; those trying to catch the bottom get trapped halfway up the mountain.

The rules of the crypto world are so cruel — the bull market praises you, the bear market teaches you. The gains from cognition and the cycle’s dividends will be completely differentiated in the next bear market. How big is the gap? Just look at those people's accounts to know.