The stories in the square are always the most captivating. Some have turned $60,000 into $1.2 million through IP, while others hold onto $8 million in unrealized gains and hesitate to take action — this is the current situation.

But have you ever thought about a question: whose pockets are these huge realized profits actually taken from?

This question touches on the most fundamental aspect of the crypto market — realized profits represent the actual flow of wealth, while those massive paper unrealized gains are, frankly, the collective imagination of market participants. The nature of the two is completely different.

Returning to the recent IP trend, several perspectives are worth considering: early investors, liquidity providers, traders relying on swing trading — who truly gained the upper hand in this game? How do the project’s token release plans and unlocking mechanisms quietly influence profit redistribution? And for most people, the most painful question is — are you the bagholder chasing the high, the unlucky one who got liquidated with leverage, or the person who sold early and missed the big move?

Sharing wins can be inspiring, but it’s also the easiest way to let emotions override rationality. Don’t let others’ profits become your fuel for chasing highs.