Bitcoin, Ethereum, ZEC——each cryptocurrency hides a story behind it. But the real story of the crypto world is far more complex than any single project.

This market is like a revolving door. Those who go in see shimmering promises of wealth; those who come out are all different—some achieve financial freedom, some lose everything, and most linger in front of the door frame, both greedy and fearful.

From the classic story of buying pizza with 10,000 Bitcoins in 2010, to the crazy surge of Shiba Inu coin, and then to the shocking collapse of LUNA. Every chapter in crypto history is a mixture of wealth and bubbles. Is Bitcoin "digital gold" or a "Ponzi scheme"? Is Ethereum a "world computer" or a "noble chain"? The answers often depend on your entry timing and storytelling ability. True wealth belongs to those who are best at crafting narratives.

If rules are the scarce commodity in the crypto world, then human nature is its currency. During a bull market, FOMO drives everyone to chase gains and sell off, making the reasons for entering increasingly absurd; during a bear market, panic selling causes everyone to think about cutting losses. On the day of the 312 crash, the market revealed raw human nature—those who survived were not the ones with the most capital, but those who remained calm. One of the lessons in crypto is learning to manage your emotions.

Wave after wave of technological innovation. The ICO boom opened new ways of fundraising, DeFi redefined finance with smart contracts, NFTs once decentralized art trading, and RWA is trying to bring real-world assets on-chain. Innovations like Uniswap truly changed the game, but countless projects rushed in and then faded away. Interestingly, the most resilient innovations often do not emerge during the market's craziest times but quietly accumulate during the bearish periods when everyone is pessimistic.

Now, with the integration of AI and blockchain, the cyclical revival of Meme coins, the market is searching for the next hot trend. But will this time be different?

The approval of Bitcoin ETFs has attracted the attention of traditional finance, with institutional funds flowing in continuously. Will the crypto world become "compliant" because of this? That remains controversial. But what remains unchanged is the essence of crypto—it is the stage for the wild dance of global liquidity, a laboratory for tech geeks, and it indeed offers ordinary people a chance to cross social strata. Of course, this opportunity comes with enormous risks.

Some get rich here through luck and timing, but those who profit steadily usually rely on solid understanding. There are no standard answers in crypto, but one iron law—blind betting and being overwhelmed by FOMO are the true sources of risk. The greatest threat is not market volatility but losing oneself in the unknown.