The changes in the crypto market over the past few years have been somewhat dramatic.

Think about those years when the entire industry was filled with waiting. The market was full of unfulfilled dreams, and most people were still skeptical about this thing, always feeling that one day the bubble would burst. It wasn't until 2021 that industry influencers began to enter the scene, and institutions started to position themselves, marking the true entry of cryptocurrency into the public eye.

But even so, too many key issues are still on the way: When will the Bitcoin spot ETF arrive? When will large listed companies officially participate? When will the regulatory framework be implemented? These questions constitute the underlying support of the entire market. It is precisely because of the existence of these expectations that many people are willing to hold on for the long term, firmly believing that the future will fulfill them.

During that time, the operations could indeed be aggressive. I was clear in my mind that the overall direction was correct, and I wasn't afraid of short-term declines, because given enough time, the price would definitely return. This sense of certainty gave me the energy to write, share, and spread. It wasn't blind optimism, but rather a grasp of the direction.

The window for making real money is actually very short. It lasts from the beginning of 2023 to April 2024, during which time you can make profits just by casually buying mainstream coins as they rise from the lows, and even small coins can yield profits. The risk-reward structure of the entire market is incredibly friendly during this period. Many people will still be hesitant, thinking that 2023 is just a technical rebound, and they will wait until they confirm that a bull market has arrived before chasing higher prices, only to end up buying in at high levels.

So what? The turning point has arrived.

The ETF has finally landed, and the entry path for institutions has become clear, as has the direction for compliance. Almost everything that was anticipated has been realized one after another. This sounds like good news, but the market's reaction has been the opposite. The moment all expectations are fulfilled, the market loses the reason for being "nurtured." The subsequent decline is no longer a matter of faith; it has turned into a purely structural issue.

Upon careful consideration, this is not a denial of the market but a respect for the different phases. Some market trends rely on the imaginative space of the future, while in certain phases, what remains is merely the game and emotional fluctuations among participants.