At the beginning of 2025, the spot trading performance on the Solana chain is quite impressive. The total on-chain spot trading volume for the year reached $1.6 trillion, a scale that surpasses all mainstream CEXs except for a leading exchange, demonstrating the high activity level of the on-chain trading ecosystem. In comparison, in 2022, SOL accounted for only 1% of global spot trading; in just three years, this has risen to 11.92%, a remarkable growth. From an ecosystem health perspective, several key indicators are trending positively. In 2025, on-chain fee revenue surpassed $600 million, with approximately 98 million monthly active users and over 34 billion transaction counts. What do these numbers signify? They indicate that the usage frequency and user stickiness of the Solana network are continuously increasing, with many core metrics already beginning to outperform established public chains like Ethereum. There are also clear signals in the capital flow. The official launch of spot ETFs at the end of the year further attracted traditional financial capital, with net inflows reaching $766 million so far. This positive feedback loop, from on-chain trading data to off-chain capital inflows, usually signals that the market is developing a long-term optimistic outlook on a particular public chain. Of course, behind these figures, the most crucial factor is the performance and cost advantages of the Solana network itself, which continue to attract more traders and developers.

I earned 1.6 million USD last year, but to be honest, it's not something worth showing off—this money was made using losses as a survival manual in the crypto world. Many people envy the "freedom" in the crypto space, unaware that the full extent of explosive profits is concentrated in the European and American markets. Staying up late is not a choice but a necessity to survive in this market. Last year, I followed a reversed schedule for three months—sleeping at 8 PM and waking up at 3 AM. Why was it worth it? Because during that period, ETH experienced three violent surges in the early morning, and by focusing on one of these waves, I could earn over 30%. Not holding the position? You wouldn't even get a sip of the soup. But there's a big trap here: many people see the big dips during the day as a bad thing. In fact, daytime sell-offs are often the market makers giving away money. Remember the July rally? Bitcoin was directly pushed down to 59,000 during the day, and the entire network was bearish. I placed an order at 58,500, and as a result, the European and American markets pushed the price up to 63,000. That's the pattern— the more panicked Asia gets, the more the market reverses in Europe and America. Another trap is the long needle insertion to the bottom. This is a classic tactic used by market makers. When SOL was at $125 last month, a violent spike suddenly occurred, doubling in two days. Many got shaken out. Be extra cautious with news. Here's an counterintuitive truth: good news often signals an escape. Before a major event was announced by a top exchange in June, Bitcoin rose for seven consecutive days. When the news finally dropped, I immediately closed my positions and went short, and the next day, the market plummeted 10%. The crypto market only follows expectations—once expectations are met, it becomes "selling the fact." At this point, it's time to run. Position management leaves no room for negotiation. My rule is to never risk more than 5% of my total funds on a single trade. Sounds conservative? But most people who went all-in have already been liquidated. Staying alive is more important than anything. Finally, I want to say— the cruelest thing in the crypto world isn't advanced technical analysis, but discipline. Those who can wait, endure, and cut losses at the key moments are the true top players. The market is a cash machine, but it can also be a graveyard, depending on your mindset. If you can't listen to this, the market will teach you in the harshest way sooner or later.

Recent analysis of Bitcoin's trend still revolves around the 98,000 to 102,000 region. The logic from a few days ago continues to hold, and my view remains unchanged. At this stage, I think going short directly is not quite right, mainly because this position is prone to short squeezes, so I prefer to wait for a pullback opportunity. As long as the target position remains unchanged, I will gradually add long positions during the correction. Specifically, I plan to go long on Bitcoin near 90,000, which is a relatively safe level. As for Ethereum, I am watching around 3,050 as an entry point for long positions. If the subsequent trend cooperates, I set the target range for Ethereum between 3,400 and 3,700. This approach is mainly based on current technical analysis, and building positions in batches would be more prudent.