Looking back on the cryptocurrency journey over the past few years, many things become clear.

In July 2019, the Federal Reserve announced a rate cut, and the US stock market rebounded sharply. And Bitcoin at that time? Lonely and declining for more than two months. Investors' ridicule came one wave after another. It wasn't until October that BTC started to follow the US stocks upward, historically aligning with them. Only then did everyone's laughter gradually fade.

On March 12, 2020, no one can forget the tragic scene that day. Investors using 2x leverage to long BTC and ETH were instantly liquidated, and 312 became a deep scar. The entire market fell into despair, and the laughter grew louder. BNB even dropped to 3U.

But the story that followed changed everything. Although there was a slow recovery after 312, it still couldn't keep up with the pace of the US stock market. Everyone was waiting, everyone was doubting. Until October—an explosive bull suddenly arrived without warning or sign. The whole world could no longer smile.

Throughout this process, I realized three points:

First, being ridiculed for investing in digital currencies is normal. This is not accidental but inevitable. True investors must understand that loving an asset shouldn't only happen when you're winning.

Second, the essence of Bitcoin is to rise and conquer all after being mocked by everyone. This pattern repeats time and again, each time catching people off guard.

Third, even during a rate-cutting cycle, there are still opportunities for 312-level cleansing. High-risk operations like 2x leverage must always be approached with caution.