After this round of bear market, we need to recognize several realities:

1. Bitcoin is still the core of the market. It will still be the first currency to rise in the next bull market. The siphon effect in the early and middle stages of the bull market still exists.

2. The market volume has expanded, there are more currencies, financial instruments are abundant, liquidity funds have become less, and the entry threshold for retail investors has become higher. Compared with the last round of bull and bear, some restrictive factors have increased, resulting in the rebound of the market in this round of bear market regardless of the situation. In terms of time, number of times, and space, it was far inferior to the previous round.

3. The future bull market will still be dominated by institutions, but I think it will be very difficult to see whether the bull market effect it can bring will exceed that of the previous round. There is no innovation in the nature of the market. Currently, all major projects are being rolled out. Patchwork innovation, and the market's leading projects (exchanges), especially the leading exchanges, now devote most of their energy to supervision.

4. Will there be projects in Shanzhai that are dozens or hundreds of times bigger? Yes, but compared to the previous bull market, it is almost difficult to catch, especially the one that simply starts from the top exchange and rises. Severe differentiation is the main theme. Now I see a lot of bloggers on Weibo and Twitter. Many of them brainwash you every day about how great the bull market will be in the future. They talk about it dozens of times, hundreds of times, every day to attract traffic and give you belief. A good thing, but mindless belief will only make you miss the next bull market.

5. No more than 10% of people can capture 90% of this bull market from beginning to end. It is enough to capture about 70%. Always lower your expectations, learn to follow the development and rhythm of the market, and do not make the last penny.