#Strategy加仓BTC The essence of value investing is to do thorough research first, list out the targets, and then patiently wait for opportunities to arrive.

To be honest, I am now somewhat repelled by many public chain projects—not because of technical issues, but because of valuation logic. The most straightforward way to judge is to see how much cash flow the protocol itself can capture, using discounted cash flow methods to evaluate $SKY, $PUMP, etc., and then compare with market capitalization; sometimes the gap is surprisingly large.

In contrast, Bitcoin appears much more solid. Its value proposition is very simple and doesn’t require complex ecological arguments. Interestingly, the self-consistency logic of the Tron chain, I think, is sometimes even clearer than Ethereum’s—looking at the fundamentals from the price performance, it seems the market has already made its decision.

To put it simply, the rise and fall of coin prices are just surface phenomena of supply and demand. Once you see through this layer, you can better understand the true fundamentals of each chain and various assets.