1. Mindset Gap
Newcomer
As a newcomer, the mindset is usually very volatile. Seeing the price of coins rise and fall, I have no idea how to operate. Every time I see the coins I hold losing value, I feel anxious and often think, 'The next fluctuation will trap me.' I often ask in groups, 'Big boss, what should I do?' 'Will selling now lead to more losses?' I am always swayed by the market's emotions, afraid to make decisions or making decisions too hastily, missing the best buying and selling opportunities.
Old Player
Old players have a more mature mindset. They have experienced multiple cycles of bull and bear markets, understanding that one must wait to 'go long' and be cautious when 'going short,' with the strategy of 'holding medium to long term' being the most prudent. They have sufficient understanding of the market, and the fluctuations will not easily shake their mindset. 'Buy low, sell high'—they will not be disrupted by short-term market fluctuations. For them, any market fluctuation can be seen as an 'opportunity,' rather than a 'threat.'
2. Investment Strategy
Bear Market Retail Investor
The life of retail investors in a bear market can be described as full of 'survival instinct.' The market keeps falling, and the assets in their accounts have severely shrunk. Many retail investors often remain trapped in the fantasies of the past bull market, believing that the market will soon rebound, engaging in some 'bottom-fishing' operations, only to frequently cut losses due to poor timing and miss the rebound opportunity. Their most common approach is: when they see a coin drop, they feel it's an 'opportunity' and frantically increase their positions; however, when the market reverses, they are trapped by their anxious mindset and cannot respond calmly.
Bull Market Big Player
During a bull market, the daily life of big players is completely different from that of retail investors in a bear market. They have already established their own investment systems and strategies, generally becoming steadier as prices rise and more stable as they fall. They not only possess rich technical analysis experience but also interpret macroeconomic conditions and market sentiment to guide their decisions. For example, they had chosen to deeply explore some undervalued quality coins early in the bull market, and during significant market rises, they sell in batches according to risk control principles rather than gambling with their entire holdings. Every investment is backed by careful consideration and precise planning, rather than emotional decision-making.
3. Attitude Towards the Market
Newcomer
Newcomer
Old Player
Old players have a more rational attitude towards the market. They understand the cyclical nature of the market, knowing that sharp rises and falls are just normal. They are not disturbed by the superficial fluctuations of the market. They focus more on asset allocation and long-term value investing, believing that 'time is the best friend,' rather than merely focusing on short-term gains and losses. During market fluctuations, they choose more prudent strategies, such as diversifying assets and maintaining enough cash flow to handle emergencies.
4. Lifestyle
Bear Market Retail Investor
The life of retail investors in a bear market is often filled with anxiety, constantly checking market trends on their phones, seeing their depreciating assets shrink further, and feeling sudden increases in life pressure. They may engage in some blind short-term trading, continually trying to 'bottom-fish' and 'escape peaks,' but often suffer more losses than gains, with their mood fluctuating along with the market, lacking a stable life rhythm. Their investment decisions are often driven by emotions, afraid to take risks or hold long-term positions, frequently retreating in the face of 'short-term losses.'
Bull Market Big Player
In contrast, the lifestyle of big players during a bull market is much more relaxed. Their assets have been accumulated and refined through years of investment strategies. Even when the market is volatile, they remain calm. Their focus is more on quality of life, family, and career development; investing is no longer the only source of anxiety. Their investment pace is very steady, often taking advantage of the bull market to capitalize on gains, using the profits for larger layouts. Some big players have even started to participate in the innovation and construction of blockchain projects through their influence, becoming opinion leaders in the industry.
5. The Cost of Success and Failure
Newcomer
For newcomers, failure means severe financial loss and mental trauma. Some may lose confidence due to short-term losses and even exit the market; others may blindly pursue high profits due to greed and anxiety, ultimately getting stuck in a mire of losses. They lack mature investment concepts and patience, often making mistakes during market adjustments.
Old Player
For old players, their failures are often a process of 'accumulation.' Failure is not the end but a necessary step towards a higher level. They have gone through several rounds of market fluctuations, learning from each mistake and continuously optimizing their investment strategies. Even in losses, they can steadily recover and continue moving forward. The cost of failure for them is controllable and is a sedimentation of experience.
In the cryptocurrency world, the gap between 'newcomers' and 'old players,' 'bear market retail investors' and 'bull market big players' is not only about market understanding but also about mindset, strategy, experience, and execution. Every bull market may reward patience, while every bear market can help genuine investors undergo a self-transformation, becoming more mature and stable. Whether newcomers or old players, the most important thing in their growth journey in the cryptocurrency world is to accumulate experience and improve self-awareness. Only by doing so can they navigate freely between bull and bear markets.