The money made in a bull market is earned by holding on during a bear market.

I recently saw someone online describing two phenomena that have occurred recently:

First, many people missed out on this round of cryptocurrency price increases, and feelings of frustration and regret are spreading again.

Second, recently a lot of funds that previously left, especially venture capital (VC), have started to return and pay attention to the crypto ecosystem, for example, they are starting to focus on areas that have been popular recently, such as stock tokenization.

I recently saw someone describe two phenomena that have occurred recently:

I recall sharing a viewpoint from Lin Yuan in a previous article (I don't quite remember the exact chapter) (the gist of which was): He believes that investors must be able to endure a bear market in order to have a chance of catching a bull market. He himself has never met anyone, or at least no one he knows, who expects to leave a bear market and enter before the bull market starts. I strongly agree with this statement. Lin Yuan's words point out a speculative style that I often share in my articles regarding many ordinary retail investors. This kind of speculation has a very typical, popular, and widely embraced approach online: "left-side trading," "right-side trading," and so on. If we apply this speculative method to buying and selling Bitcoin and capitalize on this current market trend, what would be the ideal strategy? It would be to decisively exit when Bitcoin reaches its peak of $120,000 in October 2025, and then re-enter around August 19th of this year when Bitcoin is at $64,000. Then, starting from August 19th, Bitcoin surged to $79,000 in just two days, reaching that level on August 21st. This seemingly perfect operation not only perfectly avoided the nearly year-long bear market but also precisely captured the starting point of this round of market rally. According to many, this demonstrates the ultimate efficiency in capital utilization. However, I think it's more like meticulously calculating every move. I estimate that the vast majority of those who supposedly missed this round of market rally are ordinary retail investors who harbored such speculative ideas but lacked the ability to do so. In reality, they wouldn't have made money here anyway; the market conditions and opportunities here are essentially irrelevant to these kinds of people. The so-called ability to capitalize on this market trend is simply the natural reward that those who survived nearly a year of bear market and remained here deserve. As for the funds and VCs who left earlier but are now returning to focus on the crypto ecosystem, that's even more interesting. The hot topics they've focused on this time (such as stock tokenization), regardless of whether these areas will truly become future trends, clearly didn't just emerge in the last few months; teams have been cultivating and building these areas for years. These teams, diligently building these projects, truly needed funding, attention, and support during the most difficult times of the past few years. If they truly had foresight and were optimistic about the development of these areas, what were they doing all these years? What were they doing last year and earlier this year? Leaving when they needed funding and support the most, and now returning, it's probably not because they suddenly discovered potential in these areas, but rather because they suddenly realized the market is improving, and they're thinking of taking advantage of the current good market to grab some hot projects for "capital operations," right? I believe that projects that will shine in a future bull market will definitely be those that were nurtured in a bear market, and certainly not those that chase trends or ride the wave. And how many projects that can survive a bear market would want investment from this kind of fund? Therefore, funds or venture capital firms that re-enter the market with this mindset will find it difficult to find truly good projects. Lin Yuan's words apply to these types of funds with a similar conclusion: To capture future top-performing projects, you must remain in the ecosystem even during a bear market, investing in projects that persist and are being built even during a bear market. Instead of dreaming of entering the market as the bear market ends and the bull market begins.