CZ shares investment logic: long-term holders who buy at low prices tend to persist in their positions during market downturns.

CZ posted on the X platform: “If you’ve ever envied those who bought cryptocurrencies at low prices and held them through market cycles, think about what they did at such moments.”

This statement from CZ essentially serves as a reminder of a repeatedly validated but often overlooked fact—the long-term returns are often born in the most difficult phases to persist.

Most people only see the successful outcomes of “buying low and surviving bull and bear markets,” but overlook the choices made when market sentiment is at its worst, prices are repeatedly declining, and narratives are cooling down. The real key is not about the precision of bottom-fishing, but whether one can maintain positions and discipline amid uncertainty and continuous retracements.

From the current market environment, Bitcoin and mainstream assets are experiencing a phase of macro disturbances, liquidity fluctuations, and cooling sentiment. This is precisely the period when most short-term funds are shaken out, and long-term funds are gradually establishing an advantageous cost basis. CZ’s statement is not about calling for a bull or bear market, but emphasizing the importance of cycle awareness.

Historically, whether during the 2018 bear market, the 2020 pandemic shock, or the 2022 liquidity tightening, the groups that ultimately achieved excess returns were often those who positioned themselves during the “most hopeless” phases of the market and realized time premiums during subsequent rebounds.

The true meaning of this statement is not “mindless holding,” but a reminder for investors to consider: during emotionally driven phases, are you being led by the market, or executing a long-term strategy based on cycles, position sizing, and risk management?

In short, in a bull market, focus on vision; in a bear market, focus on patience.