Public positions, having experienced two rounds of bull markets, are this confident. Some newcomers just entering the cryptocurrency world ask Feige why the bull market still declines so sharply. Isn't this just foolish retail investors? A bull market doesn’t mean it will always go up; if it did, wouldn’t everyone be making money? In fact, losing money in a bull market can be even more severe than in a bear market. Many people even lose everything. Why? Because bull markets often have violent drops and surges. Today it might drop 30%, and tomorrow or within 24 hours it might bounce back up by 30%. First: Newbies have a poor mentality and lack experience; they haven't experienced the transition between bull and bear markets. They can't hold on and become anxious and panicked. Second: The pullback is too great; if they lose money, they wait to break even and will sell, unable to hold their assets. They don't understand the specific cycles and durations of a bull market, constantly staring at the charts, feeling anxious, losing sleep at night. They sell after making a 1% profit but hesitate to sell after a 10% loss, ultimately leading to liquidation and zero balance. Isn't that contradictory? You know to sell when you profit, but you don't know to sell when you lose? Third: Contracts; often, the easiest way to lose money in a bull market is through leveraged contracts. In one wave, maybe you think that such a large drop won't hit your liquidation price, but you're mistaken. Sometimes, when there are significant news impacts on the market, a drop of thousands of points is possible in one go. No matter how much margin you have, you might still get liquidated. Do you know how many points the index can drop? At least 30-70 points. Therefore, in contracts, no matter how much margin you have, you will get liquidated. So, most people still lose money in a bull market. Do you know what kind of people can make money in a bull market? First: Those who have experienced the transition between bull and bear markets, who know the cycle of bull and bear markets, who understand when to buy and when to sell. During this time, there are no fluctuations; they don’t look at prices or charts and just wait for the cycle to arrive before selling. Those who hold onto spot assets can make money because they know the specific time of the bull market, based on historical references. Entering the cryptocurrency world is about learning human nature, overcoming one’s own nature, and battling with one’s own nature. Therefore, not everyone can make money in a bull market. Those who can make money are just operating foolishly, with no technical content in their methods. However, such methods are often looked down upon and not recognized. Those who have experienced several rounds of bull markets will resonate with me. So, to summarize, in a bull market, don’t play with contracts or leverage; just hold onto spot assets and calculate the cycles.