Recently, I've gone through some frustrating experiences and took the opportunity to conduct a complete review of the decisions made during this cycle: 1. During this cycle, the major opportunities came from trend trading under the guidance of positive strategies, based on two underlying demands: the demand for crypto institutions to promote the mainstream adoption of crypto asset holdings (MicroStrategy/BTC/ETH/SOL); and the Trump administration's active search for new dollar-denominated debt pools. Any trades that align with these two demands have been able to yield profits: ETF / $trump / coin-stock concept assets $BTC $ETH / dollar stablecoins, etc. I recommend checking out @DoveyWan's early article: "The Long Bull Market from the West," which has very forward-looking predictions about the logic of compliant long bull markets. They also seized the opportunity with $SBET, which is quite impressive; 2. In this cycle, the liquidity of altcoins has not improved with the rise of mainstream crypto, and the entrepreneurial path of VC and VC investment has completely turned into a negative expected value (EV) situation. Relatively speaking, VC investments can still hedge risks by flexibly participating in the secondary market, while VC project founders are in a very awkward position, being the targets of the revolution. The profit model based on issuing tokens has long lost its advantage under the impact of massive token issuance platforms like $pump: on one hand, the profit expectations from issuing tokens continue to decline, while on the other hand, the costs of issuing tokens remain high, factoring in the time and energy invested, making it primarily a supporting role; 3. The significant profits made by leading KOLs (Key Opinion Leaders) is a new feature of this cycle, but the core logic is based on facts 1 and 2: the massive over-issuance of ultra-low-cost meme-like altcoins has led to relative scarcity of attention and liquidity, while KOLs in the crypto space are naturally a combination of attention and liquidity, and can even to some extent dominate the lifecycle of certain memes. Those with informational and cognitive advantages (the leaders) naturally accumulate considerable wealth: for example, @BTCdayu, @yuyue_chris, @cryptocishanjia, and many others; Overall, the narrative of a so-called technical long bull market in crypto has been debunked, leaving behind an eternal game of market makers, from the grand narrative of coin-stocks to the smaller meme PVP, which is nothing more than the difference between positive and negative strategies. We all need to seriously consider how to secure our place in this game and how to share in the spoils.