I was among the early entrants to the crypto market.
Over the years, I’ve noticed that many people who entered the space early like I did and are still in the market today have made $BTC the cornerstone of their asset allocation.
After going through several bull and bear cycles, the biggest change for me has been continually doing less. I’ve seen too many projects raise funds at inflated valuations, issue tokens, get listed on exchanges, and eventually run out of liquidity as their prices decline over the long term.
I’ve also gradually realized that the vast majority of crypto projects simply aren’t worth holding for the long term—or even worth the time it takes to research them.
Honestly, I just can’t understand what people who stay fully invested in altcoins for years are expecting. Most tokens lack a stable mechanism for capturing value, while facing ongoing token unlocks, supply inflation, and shifting market attention.
Even if a project continues to develop, that doesn’t mean its token holders will receive a corresponding economic return.
I also find it hard to understand people who rely on leveraged contracts for years, trying to achieve financial freedom through frequent trading. Given the combined effects of trading costs, funding rates, liquidations, and market volatility, what makes them think they can keep profiting from the market without a trading edge that has been proven over the long term?
The most ironic thing about this market is that the harder people work at research and the more actively they trade, the worse their investment performance may ultimately be. They can spend years researching hundreds of projects and take on countless trading risks, only to end up with lower cumulative returns than if they had simply held Bitcoin.
That’s why I write less and less about other crypto projects these days. Whenever I look for a new investment, I research the fundamentals, token economics, valuation, and liquidity, only to usually reach the same conclusion:
There isn’t enough investment value.
Over the years, I’ve noticed that many people who entered the space early like I did and are still in the market today have made $BTC the cornerstone of their asset allocation.
After going through several bull and bear cycles, the biggest change for me has been continually doing less. I’ve seen too many projects raise funds at inflated valuations, issue tokens, get listed on exchanges, and eventually run out of liquidity as their prices decline over the long term.
I’ve also gradually realized that the vast majority of crypto projects simply aren’t worth holding for the long term—or even worth the time it takes to research them.
Honestly, I just can’t understand what people who stay fully invested in altcoins for years are expecting. Most tokens lack a stable mechanism for capturing value, while facing ongoing token unlocks, supply inflation, and shifting market attention.
Even if a project continues to develop, that doesn’t mean its token holders will receive a corresponding economic return.
I also find it hard to understand people who rely on leveraged contracts for years, trying to achieve financial freedom through frequent trading. Given the combined effects of trading costs, funding rates, liquidations, and market volatility, what makes them think they can keep profiting from the market without a trading edge that has been proven over the long term?
The most ironic thing about this market is that the harder people work at research and the more actively they trade, the worse their investment performance may ultimately be. They can spend years researching hundreds of projects and take on countless trading risks, only to end up with lower cumulative returns than if they had simply held Bitcoin.
That’s why I write less and less about other crypto projects these days. Whenever I look for a new investment, I research the fundamentals, token economics, valuation, and liquidity, only to usually reach the same conclusion:
There isn’t enough investment value.