#美国就业数据表现强劲超出预期 The five-year lock-up period for FIL has ended, and miners are gradually exiting—the question is, does this count as a retail investor's opportunity to pick up bargains? Recently, many people in the backend have been asking this question.

Here's a straightforward answer: you can consider buying, but don't expect it to skyrocket tomorrow. Rather than calling it an investment, see it as an idle asset that can generate interest on its own.

First, let's talk about miners exiting the scene. After the Filecoin mainnet launched in October 2020, the first batch of miners with five-year contracts began to fulfill their commitments from Q4 of this year, with a wave of miners being taken offline one after another. Hashrate shrinkage is inevitable, but that doesn't mean the project is dead—essentially, the lease period has ended. Those who need to renew will renew, those who don't will withdraw their machines, just like in commercial leasing. What does a decrease in miners mean? It will ease the selling pressure in the market—that's basic logic.

FIL's linear release has already passed the halfway mark, and the most aggressive dumping cycles are now in the past. Remaining tokens are becoming more dispersed, and large unlocks that act like "time bombs" are decreasing. From this perspective, the risk is indeed decreasing.

So, how should retail investors operate? Just holding spot cold wallets and waiting for prices to rise? That's too inefficient. Now, major exchanges have launched 3-6 month fixed-term financial products for FIL, with annualized yields generally between 6% and 10%. UNI and SUSHI don't get this treatment at all. Currently, the market is sideways and volatile; trading contracts can easily lead to repeated liquidations. Instead of fighting over contracts, it's better to take a two-step approach—part of the funds are locked in fixed-term financial products to earn interest, while another part is used for spot grid trading, gradually accumulating positions and earning interest along the way. Even if the price doesn't move much, your account is slowly recovering.

Institutional investors are more direct and aggressive. Grayscale has quietly executed 86 FIL trades just this year, with an average cost basis around $10. This "clumsy" dollar-cost averaging approach reflects a long-term value judgment. With their annual performance assessments so tight, why would they keep buying like this? It shows they are confident in this direction.

Why should we be so tense? Learn from their approach—buy more when prices fall, relax and collect interest when prices rise, walk on two legs. If next year the market recovers, and you have both coins and accumulated interest, your sense of security will be completely different.

In simple summary: don't always think about getting rich overnight. During a bear market, treat FIL as a fixed deposit; when the bull market arrives, consider the interest as a bonus. Ordinary people can turn things around with patience and execution—those who truly make money in the market are always the ones who act first.