Been through a few cycles of bull and bear markets! Only after personally experiencing the emotional rollercoaster from extreme FOMO to extreme panic can you truly understand this principle: Why does the bull market get closer to its end as more people start making money? A lot of people think they understand bull markets. They think: More and more people making money = bull market. But actually, it’s the opposite. When making money becomes too easy, that’s when risks start piling up. At the very beginning, only a few people in the market are making money. They make money through: knowledge, information asymmetry, execution, and courage. Then the market picks up. More and more people start making money. And then everyone starts thinking: “Oh, so trading crypto is this easy.” At this point, something very dangerous happens: Profits shift from “rewarding knowledge” to “rewarding courage.” Before, you bought BTC. Now, you’re buying small altcoins. Before, you didn’t use leverage. Now, you’re going 5x. Before, you’d cash out after a 20% gain. Now, you’re dreaming of 10x returns. This doesn’t mean the market is getting stronger. It means: Risk pricing is becoming distorted. So, how do you judge where we are in the bull market? Don’t just look at how much prices have risen. Look at something more interesting: How are ordinary people making money? If they’re making money through research, patience, and project selection, the market might still be early. If they’re making money through all-in bets, leverage, and chasing hype, then it’s usually not early anymore.