In fact, I personally have some feelings about what Guilin Brother said about BTC. Recently, I have been chatting with many old friends, and most people's first bucket of gold comes from either Bitcoin or ICO, especially some friends who still hold it. But this is indeed an inhumane thing, with many ups and downs in between. To be honest, those who can keep it in their hands are basically people who are not short of money. At least none of these BTCs can do well, or maybe there are already a lot of BTCs, which have been sold all the way and still have inventory. What we see in the data is the same. After such a long time, in the vast majority of cases, BTC has gradually flowed towards long-term and high net worth investors. I still remember many friends telling me that coming to the cryptocurrency circle is a reversal of fate, not to make a profit of one or two times. However, in reality, holding BTC is the simplest "cryptocurrency investment logic". Of course, I am referring to investment logic, not trading logic. There should still be a big difference between investment and trading, but fundamentally, they are both about making money, so Guilin and I are slightly different people, and most people may not be able to do well in trading. In traditional US stocks, based on years of research by institutions such as Vanguard, Morningstar, and Dalbar, it has been concluded that: The average annualized return rate for retail investors is about 4% -6%, far lower than the long-term annualized return rate of 8% -10% for the S&P 500. The reason is that frequent trading, timing failures, chasing gains and selling losses, FOMO and other behaviors have eroded profits. More than 80% -90% of intraday traders have incurred losses or exited the market within 3 years. Less than 10% can achieve long-term stable profitability (data sources Barclays and FINRA). The more frequent the trading, the lower the winning rate, known as the 'trader death curve'. ETF/index fund investors, long-term holders perform better than most retail investors, Passive investors outperform more than 70% of active fund managers over a 10-year period. If you hold the S&P 500 ETF and persist for more than 10 years, you can achieve positive returns in most years. (This data is surprisingly consistent with BTC) About 40% to 60% of fund managers in hedge funds, pension funds, sovereign funds, and other institutional funds are unable to outperform the S&P 500 index in the long term. But the winning rate is much higher than that of ordinary retail investors, and the ability to resist risks is stronger. So most people find it difficult to make money through active trading, and those who truly make long-term stable profits are mostly disciplined index investors or a very small number of high-level investors. To be frank, according to statistics from cryptocurrency exchanges, 70% to 90% of active traders experience losses within a year. More than 95% of high-frequency leveraged traders suffer long-term losses. Glassnode's on chain data analysis shows that buying at the end of a bull market and selling during a bear market are common behaviors among retail investors. Long term profits often belong to the "HODLer+bear market plus position" group. This tweet is sponsored by @ ApeXProtocolCN | Dex With Apex