I have been very busy these past two days, as you can tell from the time I update my daily report. I am really busy every day, but daily review or summary is obviously beneficial to my improvement, so even if I am tired, I should stick to it.
 
The Bitcoin Ecosystem Conference was held in Hong Kong these days. Many investment institutions and project parties were present. I also attended some of them. Here are some of my thoughts:
1. The crypto industry has become more and more formalized and mature, and practitioners have become more professional. I entered the industry in 2017. When I first entered the industry, I felt that there were many very low-level people in this circle, such as CX conferences, capital pools, etc. But recently, through frequent contacts with institutions and project parties, I found that all kinds of highly educated and highly professional people have been madly pouring into this industry. The revelation to us is: as this industry becomes more and more formal, the opportunities for high returns brought by disorder (high risk) will only become fewer and fewer, corresponding to ordinary investors will become more and more difficult to play, and the beta returns of the entire industry will continue to narrow.

I haven't updated my daily views in recent months. First, I misjudged a wave of market trends (I ran away too early at the end of 2023, at the end of December, and then re-entered the market in January 2024); second, there are indeed many things to deal with, and the ownership of the Binance Square account was taken away by someone, plus I am a bit lazy, so I stopped updating for so long. This is not right. No matter how busy I am in the future, I still have to keep updating the daily view, which also helps my investment research system to iterate. A few points:

1. Why did I run too early at the end of December 2023? I made the conclusion based on several events: 1. It was because Bitcoin had 4 consecutive positive days at that time (if it was not a big bull market, 5 consecutive positive days were rare, and the overall growth of the cottage industry was also good; 2. It was because at the end of the year, I thought there was a need to lock in profits; 3. Before the halving, it could only support one wave of small bulls. Therefore, I decided to lock in profits at that time. But as you can see from the subsequent market conditions, I made a wrong judgment (I rarely make wrong judgments on macro market conditions, but why was I wrong this time? Because I underestimated the volume of the ETF and extended the life of the small bull market by 2-3 months). In fact, I am not the only one who made a similar mistake as me. The CEO of BITMEX also made the same judgment as me, so they were all wrong.