To be honest, it's normal for the heart rate to accelerate when opening the account these past two days. Bitcoin is repeatedly bouncing above $70,000, and both long and short positions are fiercely battling on-chain. Many veteran players are lamenting that the script of this bull market is becoming increasingly difficult to read. In fact, everyone is clear that the current market is no longer just about ups and downs, but rather an extreme tug-of-war in psychological resilience.


Looking back at the trend over the past six months, each major pullback has actually been paving the way for a higher level of leap. The current $70,000 is essentially the 'drumbeat' of this bull market. The Fed's indicators haven't clearly turned yet, and ETF fund inflows have begun to show intermittent hesitation. What the market lacks most right now is panic, but what is most scarce is clarity.


Recently, I have observed on-chain data and found that true big players (Whales) have not really withdrawn; instead, they are quietly building positions in certain specific AI infrastructure and leading RWA protocols. What does this indicate? It indicates that smart money has become immune to 'pure speculation concepts'; they are looking for real infrastructure that can withstand the second half of the bull market.


Many friends have asked me how to operate under such market conditions? My only advice is: look less at K lines and more at narrative depth.


If you are holding something that only has a beautiful official website and has not updated its code, then this volatility is indeed your doomsday. But if you are holding tokens selected by Binance Launchpool that have endorsements and logical implementations, then the current fluctuations are merely the main force helping you wash out the weak-willed opponents. Instead of anxiously watching your account shrink every day, it is better to study the upcoming Ethereum upgrade path or see which DePIN projects genuinely have physical devices running.


Finally, I want to say to everyone, the crypto world has never lacked opportunities; what it lacks is the ability to endure amidst the chaos. Don't cut your bottom position before dawn; every bit of suffering now may be paying for a ticket to the 'real bull' two months from now.


This text is a personal sharing and does not constitute any investment advice.