#加密市场周期与长期趋势 After reading 0xKyle's annual review, I was completely overwhelmed. This guy summed up everything I wanted to say — the crypto market has shifted from long-term asset holding to a pure trading market, and 99% of coins probably won't return to their all-time highs.

The key insight he mentioned: retail investors are flooding into the stock market on a large scale, and the stock market is becoming increasingly "crypto-like." This is incredibly important. Previously, crypto was the place to fast-forward through complete cycles; now, similar opportunities are appearing in stocks — small and mid-cap companies, high volatility, quick rotations.

What I’m most conflicted about now is the question he raised: should I really switch to stocks? Honestly, staying in crypto means betting on those 1-2 month explosive rallies (like ICM in May, DAT in July), but the risks are ridiculously high. Switching to stocks at least provides some fundamentals backing, but I have to admit, I don’t have much advantage in the stock market. That quick reaction habit from crypto might even become a burden.

But I noticed one point he made that really hits home: either adapt and upgrade your skills boundary, or be eliminated. Looks like by 2026, I need to seriously start studying narrative trading and learn how to find overlooked small and mid-cap stocks, instead of sticking to my crypto turf. The market divergence will become more and more obvious. It’s still possible to catch some hype coins like HYPE, but I definitely can’t go all-in on crypto anymore.