As 2025 is already halfway through, it's worth reflecting on the investment gains and lessons learned this year. The overall strategy can be best summarized with four characters—"Zen Holding"—very few trades, mostly holding the projects I believe in, with only minor adjustments. Of course, there have been new attempts, including venturing into the stock market—touching US stocks, Japanese stocks, and A-shares. But these markets have taught me what "cognitive ceiling" really means.

Now, let's focus on the crypto sector. Over the past two years, I've had a very clear feeling: this market is undergoing unprecedented changes, no longer simply fitting the traditional "bull-bear cycle theory." The previous four-year cycle approach was indeed effective over the past decade, with the automatic thinking being—after Bitcoin rises, funds will flow into altcoins, it's just a matter of time. But this time, things are different.

In 2024, Bitcoin surged significantly, and logically, 2025 should be the altcoin season, with hopes for two rounds of market rallies. But what happened? The altcoin season never arrived; instead, the market kept bleeding. Old coins one after another were dumped, some prices even fell below the bottom of the 2022 bear market; new coins, if they didn't immediately dump, were considered good, but the era of tenfold or hundredfold surges is gone. In contrast, Bitcoin in 2025 remains strong, continuing to write its own story. What does this indicate? It suggests that the previous experience framework may really need to be re-evaluated.