After spending a long time in this market, you will gradually realize a harsh reality: trading volume can keep hitting new highs, but the group that truly makes stable profits has never changed.

Why? Because there is no shortage of capital here; what’s lacking is the iteration of new retail investors.

In a bull market, newcomers rush in with dreams of "getting rich overnight"; in a bear market, seasoned investors cling to the obsession of "must recover losses" and refuse to withdraw. It may seem like wealth is flowing, but in essence, it’s just emotions cycling—FOMO, bottom-fishing, all-in, adding to positions, stubbornly holding on—over and over again.

You think you’re studying candlestick charts, analyzing fundamentals, researching logic, but in reality, you’re providing liquidity to higher-level players. KOLs create beliefs, project teams paint illusions, exchanges collect fees, retail investors take the hit. This system runs smoothly because it’s designed meticulously.

Most people lose money not because they are not smart or diligent, but because they start off in the wrong position—you are on the side being harvested. The cruelest part of the crypto world is that it gives ordinary people the illusion that "you could also get rich," but it never reminds you—you are most likely the cost for someone else’s wealth.

So, if you are still in this market, you must ask yourself three questions: Are you a retail investor? Why aren’t you? If yes, when do you plan to exit?

Opportunities do exist, but they are never prepared for the majority. Seeing through this is the only way to have a chance to survive. If you don’t see it clearly, you will just be the trading volume in the next cycle.