Recently, there's a saying that hits home: "Stop obsessing over the repetitive routines of 2022." After spending a long time in the crypto world, I realize that "a one-year dip followed by a rebound to new highs" is not the norm; it's just good luck that can be encountered by chance.

The myth of the crypto world for over a decade, frankly, is that the era's dividends have been fully enjoyed. But with each market cycle, the number of people losing money has never been small. If this wave can replicate the rhythm of 2022, it would already be good for many—by 2025, the real picture of the entire market is: high-quality projects are quietly declining and consolidating as the new normal; Bitcoin has dropped 25% from its all-time high of $126,000; a large number of altcoins have plummeted over 60%, some even more severely, with total declines exceeding 80%.

Holding stablecoins in hand actually feels more reassuring. Even if luck allows you to earn 10%, 20%, or even double your investment now, it won't change the overall situation, and it’s hard to get excited. But once you hit a 50% cut, get liquidated, or see heavily invested altcoins like Avalanche and Polkadot undergo deep corrections, the pain of losses is very real. Doing the math: these short-term gains are not guaranteed to be safely secured, and the risk-reward ratio is simply not worth it.

Instead of messing around like this, it’s better to wait. Wait for opportunities with a 5-10x potential that are more certain. The market has already changed its face—institutional holdings have surged to 24%, while retail investors are fleeing in panic. Exchanges have shifted from being retail trading venues to being markets dominated by institutional allocations. This transformation means the game rules have been completely rewritten.