Is your crypto journey over?

Original Link: “Crashes, Manias and Panics”

Compiled by: Ken, Chaincatcher

The world outside feels incredibly cruel, hopeless. Everything is over, you missed the opportunity, and you messed up again.

Everyone feels angry and confused. Even those who foresaw this moment feel relieved, but they also understand how much harm this price movement has caused others. It feels like the worst moment.

I’ve been navigating the market for 38 years (today’s sell-off is quite a birthday gift, plus I had food poisoning last night!), and I’ve seen all kinds of crashes and panics.

They all feel the same. Terrible.

I started getting involved in cryptocurrencies in 2013. I bought my first Bitcoin at $200.

After buying, it went up a little, then plummeted 75%… and this was during a bull market, yet the price eventually rose more than 10 times my entry point. I didn’t sell because it was a long-term investment, and I knew the risks.

Then in the 2014 bear market, it dropped 87%.

The subsequent bull market lasted until 2017, during which I experienced three sell-offs of 35% to 45%… so brutal. Ultimately, due to the Bitcoin fork wars, I sold at $2,000 (the previous high in 2013).

I made 10 times my initial entry point. But before another huge, ugly bear market began, it rose another 10 times by the end of that year (!!).

I avoided that entire bear market, and it felt pretty good.

During the COVID crash, I re-entered at $6,500 (which was 3.5 times higher than when I sold). It was a costly mistake, even though I thought I was doing the “right thing” at the time.

In 2021, Bitcoin dropped 50% from April to July, and the market conditions were very similar to now. The sentiment on Twitter was terrible. Really bad. But back then, the market wasn’t as oversold as it is today…

By November 2021, the market hit new all-time highs. Solana rebounded 13 times from its lows. Ethereum doubled. Bitcoin hit new highs, bouncing 150%.

I personally experienced all of this. Every terrifying, heart-wrenching moment happened within a long-term structural bull market.

My first entry was at $200. Now, the price is $65,000. In between, I missed out on 3.5x gains trying to time the market (which was a terrible attempt).

The first key lesson (for me) here is that in a long-term appreciating asset, the best thing to do is nothing. HODLing has become a meme for a reason. It’s much more powerful than the four-year cycle meme.

My second lesson is to aggressively add to your position during sell-offs. Even if your timing isn’t perfect, buying in tranches during weakness to increase your overall position can compound returns greatly over time, even better than dollar-cost averaging.

I don’t always have cash to buy heavily during sell-offs, but I always buy a little because it’s good training for your mindset.

You always feel like you’ve missed the boat, that it will never come back, and everything is doomed. That’s not true.
Ask yourself two questions:

2. Will tomorrow be more digital than today?

3. Will fiat currency be more devalued than today?

If the answer is yes, keep going. Buy the dip, and let “market time” be defeated by “time in the market,” because that’s always how it works. Increasing your position during large sell-offs lowers your average cost. It makes a huge difference.

In this process, stress, fear, and self-doubt are the expected “taxes.”

Position management is crucial for your risk tolerance. Don’t worry—everyone feels their position is too heavy during dips and too light during rallies. Just manage those emotions and find your comfort zone.

Another key point is not to blindly trust others’ opinions. Doing your own research is a fundamental principle. Without it, you won’t get through these tough times.

Trust in your strength. Relying on faith is like leverage—it will eventually leave you with nothing.

Remember—when you’re busy blaming others, you’re really just blaming yourself.

Yes, it feels very dark outside. The sun will rise again soon, and this is just another scar in the journey (as long as you don’t use leverage! Leverage can lead to permanent capital loss because you’re betting against the house). Never lose your principal.

When will all this pass? I don’t know, but I think it’s more like April to November 2021—panic during a bull market. I believe it will end soon. If I’m wrong, I won’t change anything. As long as I have cash, I will keep adding to my positions.

But for you, the situation might be different. Try to build an investment portfolio with minimal regrets. Can you withstand a further 50% drop from here? If not, reduce your holdings—even if it feels stupid. Having the right mindset is vital for survival. And my mindset has shifted to “How can I buy more,” even if your thoughts might be the opposite.

There will always be some market timers who can accurately predict sell points, close positions, or short. That’s always going to exist. But honestly, you just need to tell yourself that this is always predictable. When it actually happens, you won’t feel the pressure because you anticipated it long ago! It becomes part of the story, not the whole story.

What am I doing now?

I’ve also started buying some digital art (which is also increasing my Ethereum holdings). Next week, I plan to seek more crypto allocations, just like I always do when opportunities arise.

I bought during the COVID sell-off, the 2021 sell-off, the 2022 sell-off, the 2023 sell-off, and the same in 2024 and 2025! This time, I’ll do it again. Every time, my gains and losses hit new highs before the market does. This trick is just too effective. Once again… buy the dip!

Good luck to everyone. This path has never been easy.

Volatility is the price we pay for assets that can generate this kind of long-term compound growth. Embrace it.