2025 Collar float: I'm not a believer. I'm a gambler
Author: 1912212.eth, Foresight News
Beyond the top of the food chain, as well as the project, the winners of the encrypted market in this round are just some professional traders, air-drop hunters, bitcoin Holder, but more small bulkers trading losses in secondary markets。
when another round of hot-spot narratives was dug up, people left to enjoy their lives at a high altitude, tanned their cars and their names and shouted "thank u crypto" ; many more were already out of pace and stayed in this long season。
The withdrawal of adults is often silent and voiceless. But you can still sense the industry's four-quarter rotations from a lot of social accounts that have not been updated for a long time。
Foresight News interviewed some of the money ring players for this, and tried to talk about their past and this evening. (The following characters are aliases)
You can't even buy high-quality cosmetics
Zhao Jing entered the class as early as 2018, when she came to Beijing a few years after graduation to see opportunities and believed that there were infinite possibilities. Like Helen Lee, the leading actress in the gold game, who was shown this year, she said that she was very careful, whether she lived or worked, that she was seeking perfection in many ways, and that she had a set of silent, but firm, self-proclaimed demands: the orderly management of the instrument, the expression and the time, which made her particularly professional and reliable in her early career。
ZHAO JING WORKED IN THE TRADITIONAL FINANCIAL SECTOR AT AN EARLY STAGE AND LEARNED ABOUT BTC IN ONE OF THE LECTURES, FOLLOWED BY THE OFFICIAL INTRODUCTION OF THE CURRENCY MEDIA. "THERE WERE FEW OPPORTUNITIES TO GET TO THE INTERNET AT THE TIME, AND THERE WERE PLENTY OF OPPORTUNITIES IN THE MONEY RING. ZHAO ZHENG JIU, WHO SPOKE ABOUT THE CURRENCY ENVIRONMENT AT THE TIME, SAID THAT “ALL WERE CAUTIOUS WHEN THE CONGRESS WAS HELD AND WERE AFRAID OF BEING SUDDENLY RAIDED BY THE REGULATORS”. BITCOIN WAS IN THE VICINITY OF $3000, AND THEN CAME HOME, AND SHE OPENED THE DOOR TO THE NEW WORLD, AND SINCE THEN SHE HAD THE FIRST BITCOIN IN HER LIFE。
but zhao jing was afraid to put all the money in, given his fear of new things. until later, she changed her mind: "it's boring to stay in this business without even buying money." that phrase gave her another perspective — a deeper commitment, since she was involved。
Zhao Jing opened the path to freedom of wealth when Pandora's magic box opened. In 2021, she received the first airdrop with interactive Uniswap, and subsequently held a large additional warehouse position near $3.00, then sold at a higher point of $40, earning a full pot of money, and her life was lit up in the account。
Zhao Jing lamented that "that's a short line, a long line, a contract. Although later gains have receded, the magic of the cycle has filled her with confidence and a vision of the future flashing in her eyes。
"THE MARKET HAD A FOUR-YEAR CYCLE AND THE RESULTING BTC BOOM, THE ETH BOOM, AND THEN THE BOOM PATTERN. BUT THIS CYCLE IS CLEARLY NOT THE SAME. I DON'T KNOW
IN ANALYSING THE ROOT CAUSES, ZHAO JING INDICATED THAT THE MONEY OUTSIDE THE SCENE WAS STILL PRESENT, THAT PART OF THE MONEY WENT TO BTC, AND THAT THE POOL WAS STILL PLAYING OR THE ORIGINAL MONEY WAS PLAYING. THERE IS NO MONEY IN THE MARKET AND PARTICIPANTS ARE MORE CAUTIOUS AND CALCULATING。
In previous cycles, market participants talked about their faiths and dreams, and now Zhao Zheng is telling the truth that there are faiths in Bitcoin, but there is no faith in Yamashico。
In the current cycle, she bought STRK and ran meme coins, even on GMGN, but the results were zero. These failures plunged her into self-doubt, but she quickly learned from them and adjusted her strategy。
AFTER THE ANALYSIS, ZHAO JING STATED THAT "BECAUSE HE FAILED TO CATCH UP WITH THE BTC, HE WAS BETTING ON THE ETHER WORKSHOP TO RISE, BUT STILL FELT THAT THE INCREASE WAS NOT LARGE ENOUGH TO BUY L2, AND THEN HE WENT TO BUY L2. "AND THE SUBSEQUENT PURCHASE OF MANTA IS IN CONSIDERABLE LOSS."
This October 11th, when the crash took place, it became a pain in her career, with less than 0.3 times the collateral lending leverage in the currency Anri and a clean and clean liquidation overnight, resulting in a heavy loss。
SHE WAS HONEST THAT SHE WAS BORROWING U AS COLLATERAL, AND THEN WHEN THE VALUE OF THE COLLATERAL FELL THAT DAY, THE WAREHOUSE WAS GONE. IN THE FACE OF HUGE LOSSES, HER RISK MANAGEMENT WAS ON THE AGENDA AND MORE CAUTIOUS。
“THIS CYCLE, INSTEAD OF EARNING MONEY, HAS RESULTED IN LOSSES OF MILLIONS OF DOLLARS, AMONG OTHER THINGS. SOME OF THE SILOS ARE NOW STABLE, OTHERS ARE ETH AND SOL. I DON'T KNOW
She also became cautious in a state of constant loss of money. In the past, she thought she had some savings, would make more in the future, and thousands of cosmetics had been bought without hesitation and had changed. A 700-dollar chalk takes a lot of time to save。
she admits that she will be depressed, emo, regretful, self-responsible, bitter and painful whenever the price of her hold is falling。
These appearances reflect her uncertainty about the future, but also show a resilience。
Despite all that has happened, Zhao Jing has indicated that he will continue to stand by the industry and wait for the moment of dawn。
She has both the self-confidence of the hour of luminous light and the fall of failure; this recurrent rise and fall has become her in the encrypted market — sensitive and tenacious, idealistic and pragmatic。
Some people have fallen on VC currencies, but others have quickly accumulated wealth through a keen sense of smell and a constant bet on meme coins. They've been dancing in meme and they've been showing their skills and their ability to seize opportunities. Chen Xudong is one of them。
Money is the best healthcare product
Chen Xudong was in '01. He's typical after 0000, likes to hit kings, likes to travel, likes to take risks, is more curious about new things than cats。
Bitcoin was in the middle of high school when heat was triggered in China, and there was no extra money to buy. However, the seeds of encrypted currency had been planted in his heart。
THE REAL START-UP TRIP TO PURCHASE ENCRYPTED MONEY WAS IN HIS SECOND YEAR. ON ONE OCCASION, HE HAD BRUSHED THE SHIB NARRATIVE ON THE SHIVERING, AND IT HAPPENED THAT HIS ROOMMATE WAS INTERESTED IN ENCRYPTED MONEY, AND AFTER A DISCUSSION BETWEEN THE TWO, HE DECIDED TO PUT OUT 300 YUAN EACH FOR A BET. IN LESS THAN AN HOUR, 30% FLOATED, AND THE NEXT DAY, 150%。
The first operation produced such a good result, giving him a high level of appreciation for the money ring. In his view, the money ring was an industry of opportunity. In total, he continued to make payments of around $20,000, mainly on the basis of profit-making money。
The peak of account assets in his encryption career was in October this year. He was ambushed in the first-degree market, floating over $1.2 million, with total assets approaching millions. But by the end of the day, the assets had shrunk to over 400,000. Good thing he didn't have time to sell the money while he was preparing for the exam, except for the money that was ambushed in the first-class market, which was spent in the management of the money, avoiding the collapse of 10.11. At the time, he was mainly betting on meme tracks in the BSC, such as Cheonan's Life,4 and several of the coins that had been fired just before the opening of the Monopolitan internal plate. "In addition to highly leveraged short-line operations, the bulky can only earn a high profit from meme. I don't know
From his point of view, the moneyring is a matter of money and luck. For meme coins, Chen Xudong thought those KOLs were funny after all。
"Meme has nothing to repeat, good narratives are countless, few really come out, not only because of the transfer of Musque, the CZ, market sentiment, and the double support of capital. Better narratives, without traffic and money from the dealers and the car owners, it is impossible to get up. I don't know
He felt that his profit was based on luck, luck, flow, emotion and financial support. Moreover, his main profit points, such as Conflux and telecommunications or co-operation, have increased tenfold, and Trump and the old horse have set up the doge department, and ten times leverage to buy DOGE, pies, and Ether waves, both of which are based on luck and wind, a level that definitely increases and has nothing to do with power。
"The only thing that has something to do with power is to stop in time, for example, when the Trump coins are issued, and to avoid subsequent declines. I don't know
He felt that the circle was about narratives and expectations, that Trump's super-interests had come out, and that there was little to expect to bring about an increase, which had proved true。
From the top to now (end of 2025), Chen Xudong's assets have shrunk by about 10 per cent. The most popular thing he wants to do is to cut his hand. He didn't think it would get up, bought 1.5% at the top of the Super, sold it double. Now, in retrospect, he failed to adhere to the idea of "twice/twice, residual" for good narratives
"TURN IT UP AND RUN AWAY, OR YOU'LL GET A SINGLE DOLLAR, A8. I DON'T KNOW
The industry narratives have changed rapidly over the years, from DeFi to AI to new concepts, but he's been looking at encrypted currency. He believes that encrypted money is now just a small wave in the financial circle, that it has no access to public view and that there are good prospects。
in order to survive or earn money in this industry, he felt that his greatest cost was time and energy. because he played meme, and meme needed a statute of limitations, and for some time he sat in front of a computer, scrutinizing narratives, eating, gymnastics, and having meme in his head, he had a bad life, believing that most "first-level market practitioners" had such experiences。
Without talking about currency prices, Chen Xudong is now enjoying life. The money was given to him so that he could not spend his time working for his life, begging for leadership and clients, having time to exercise and do what he liked, and having a trip to walk away. Although he hates monetary supremacy, he has to admit that money is magical and gives people confidence and courage. This statement makes sense to him。
His consumption outlook has changed considerably as a result of the massive underdevelopment of assets。
"WHEN I WAS IN HIGH SCHOOL, IT WAS HARD TO PLAY A LEGEND FOR THE KING, AND NOW IT'S WORTH TENS OF THOUSANDS. THERE'S BEEN A LOT OF PROGRESS IN EATING AND HAVING FUN, AND IT'S BEEN A LOT OF TIME SINCE I THOUGHT ABOUT IT. BUT HE HASN'T CHANGED HIS MIND ABOUT LUXURY GOODS, AND HE THINKS IT'S ALL IQ TAXES, SO NOW THERE'S NO LV OR ANYTHING LIKE THAT. HOWEVER, HE MIGHT BUY THE WATCH BECAUSE MANY STYLES CAN SAVE VALUE AND EVEN APPRECIATE. GET READY TO BUY A MINIVAN BECAUSE YOU LIKE IT. I AM NOT SURE。
On the tail of 2025, Chen Xudong felt that the opportunity was uncertain, but at least the second-tier market no longer had opportunities for ordinary people to be rich. For the time being, perhaps the first-tier market/meme is the only place ordinary people can turn, but the first-tier market is more difficult than the second-tier market. Opportunities can only be said to exist, but the dividends of the market are much lower than in previous years. In 2021, if you dare to buy it, you'll make a fortune; when the PUMP was born, the first level of the market was a fire, with hundreds, thousands and thousands of times more dogs every day; when the inscriptions were more brainless, you would earn money; and when the drops were made, you would be rich. But now these opportunities are gone, except for meme, and the rest is waiting for a new vent。
At present, he has been temporarily withdrawn from the circle to prepare for the civil service. In his view, the end of life was still to land。
People are leaving, people are still struggling, airdropping hair, contracts, Polymarket, and each one of them has been tried, and they haven't been able to get any results at all。
If you can't hold back, you can change
Zhang Ho is not tall, he is thin and he is used to frown when he thinks about problems and problems. Eyes and expressions, always blue. When asked about Crypto, he used his hands sometimes to lift his near-sighted glasses on his nose and thought for a few seconds before revealing his past。
"This is the most pessimistic and frustrating moment I've had since I entered the circle," said Chang Ho。
Before, whatever the market went through, Chang Ho was confident that everything would come back. Now he's not so optimistic。
NEITHER BEAR CITY IN 2019, 312 IN 2020, FTX IN 2021 NOR FTX IN 2022 HAS CAUSED ZHANG TO BE DISCOURAGED. SINCE 2024, HOWEVER, THE INDUSTRY HAS CLEARLY BEGUN TO MAKE A DIFFERENCE, AND IN 2025 IT BECAME A HELL OF A THING FOR HIM, BECAUSE ALL THE PROFITS MADE IN PREVIOUS CYCLES WERE RETURNED TO THE MARKET THIS YEAR。
"In the beginning, I worked hard on zkSync and LayerZero's hairs, making multiple accounts myself, handbrushing one and completely avoiding the exchange of funds, but even with such care, it was the witch. With the exception of ZK tokens with a master account number of less than 600 U, there was nothing, and since this time almost a long time has passed since. I don't know
But Zhang Ho started brushing Backpack's trade volume for fur. At first, he was just a little emptiness, but after that he found out that he was not addictive and that the turnover was too small. It started moving money from the exchange backpack and the adventure gamblers。
Since 2025, market conditions have been a hell of a lot of trouble and have become one of Chang Ho's unstoppable eyes。
DESPITE THE FACT THAT THE BAR WAS MORE THAN 10 TIMES THE BAR, IT WAS ON WLD AND BERA THAT IT HAD TWICE ATE NEARLY 30 PERCENT OF THE DROP IN THE SLOT. AT THE BOTTOM, THE PRICE OF THE CURRENCY ROSE AND THE PROFITS WERE SOLD. AFTER A PERIOD OF OBSERVATION, IT WAS FELT AS A SHOCK, WHICH CONTINUED TO BE COPIED, AND AFTER THE SHOCK, THE CURRENCY PRICE WENT DOWN IN A DIFFERENT DIRECTION. THIS TIME AND AGAIN, ZHANG HO-WON STOPPED OPERATING AFTER HIS INJURIES。
"ONLY SUI WAS BOUGHT IN THE SECOND HALF OF THE YEAR, AND AFTER THE INITIAL COPYING, IT DID GET A PROFIT, AND BEFORE OCTOBER 11, BECAUSE OF THE END OF OCTOBER AND NOVEMBER, IT STARTED TO BUY UP UNTIL IT WAS FULL. ON OCTOBER 11TH, AFTER THE CRASH, THE POSITION WAS CLEARED OUT AGAIN."
Zhang Ho says, "My personal assets fluctuated hundreds of thousands a day, and I have no idea about money, and now I'm afraid of losing all my confidence and courage."。
Questioning the reasons, Zhang Ho indicated that he did not know whether the industry would have so-called wealth effects in the future. Now that the entire circle has become a fast-paced casino, the vast majority of the money in the market has been earned by sophisticated professional traders, market traders and bad projects, the key being that many evil-doers can do what they want, but with impunity。
This makes it necessary to mention that one of the top market traders in the Twitter community lamented in a tweet:
"Now the projecters are at their best. In the past, there had been a large number of secondary cauliflowers, either fresh or hairy, so that the project was decent. Now it's completely unreasonable to sell everything, one dollar, one cent. Moral lock-ups are sold as long as no one cares about them, and when they are sanctioned with money, they say they are bought back (because the deposit is to be paid), and no one is interested in selling them again. You like to squirm, you're on the project, you're on the TV, you're on the phone, you're on the phone. There's always a stable currency. The new Alpha can be watered, too, so nobody cares. "In this environment, we expect new people to come in and play."
The trader had been telling the truth about the current market, and the richest were a group of smart people who were calculating who could be poured and who could not be counted。
IN ZHANG HO'S EYES, THE PROJECT'S AIR DROPS OF RAT SILOS, GOOD NEWS FOR MICE SILOS, TGE'S LIE-DOWN, THE EXCHANGE KEEPS TURNING ON GARBAGE COINS, AND THE FOOL'S SWITCH HAS BEEN LOST. NOW THE MARKET ALMOST NO LONGER BELIEVES IN ANY NARRATIVE, IT IS SIMPLY GAMBLING, DEPENDING ON WHO'S THE BEST。
"If this problem remains unresolved, then the industry is almost over." Chang Ho continues to say that there was an infinite possibility of crypto, but today only the BTC and the Stable Currency are recognized by the market, and that the future crypto can only become a 2.0 version of finance。
After losing the contract, Zhang was reluctant and impressed by the Polymarket opportunity, arguing that with the AI+ analysis + exclusive profit, it should be profitable. So, once again, the money in the deal is in full value, trying to get back all the money lost in the contract. However, Polymarket gave him a solid lesson。
"I think it's close to the deadline, and about 98 percent of the probability is to increase the position of the warehouse to eat a little bit of mosquito leg meat, and it turns out it's still too naive, and when the deadline is half an hour, the sudden reversal has led to the opening of the position from 99 percent to 1 percent, and it's too late. I don't know
After the incident, Chang Ho stated that he would no longer be willing to take any more risks, that the pits on Polymucket were so many, that the so-called arbitrage on the chain was in a state of panic, and that there was no money to bet. Any accident could cause a blood loss。
Since then, his interest in continuing his bets on Polymark has disappeared and has been removed completely from the browser collection。
THE FIRST THING ZHANG HO DID WHEN HE GOT UP EVERY DAY WAS TO OPEN UP THE APP AND LOOK AT THE BUSINESS, AND NOW HE ONLY OCCASIONALLY GLANCES AT BITCOIN'S ETHER HOUSE AND TAKES PART IN SOME OF THE SAVINGS。
"For the moment, let's move on." When it comes to future plans, Chang Ho says his own calculations。
At the end of 2025, the sun rose, Zhao biting his teeth to hold on to the broken walls of faith, Chen Xudong was ready to buy a new car to explore the world, and Chang Ho was convulsed in a chair, and he was tired of staring at the big disc。
