Looking back at the cryptocurrency market over the past few years, the dramatic ups and downs are truly thought-provoking. Recent data shows that some institutional investors are experiencing significant unrealized losses. For example, Strategy’s unrealized profit on Bitcoin is down to just 12.72%, and Forward Industries’ SOL position is facing a 44.85% unrealized loss. This inevitably reminds me of the crash in 2018, when many people confidently bought the dip, only to face a prolonged bear market.

History always repeats itself, but each repetition brings a new twist. Some of those who went all in back then have already exited, while others are still holding on. Now, it seems that institutional investors are not immune to risk either. Although their entry costs are relatively low, market volatility still puts considerable pressure on them.

This industry is highly cyclical—every bull and bear cycle eliminates some participants while creating new opportunities. Looking back at successful cases, it’s not hard to see that projects able to survive the bear market usually have real value. On the other hand, most of the short-lived failures were bubbles born out of bull market hype.

Compared to history, I don’t think the current market situation is hopeless. Although there may still be volatility in the short term, in the long run, truly valuable projects will eventually stand out. The key is to stay clear-headed and not be swayed by short-term price swings. After all, in this industry, only those who can withstand the test of time are the true winners.