Some say the crypto world is a land of opportunity, but I see it more as a gambling arena. People with dreams of wealth flock in, but most end up as others' profits.

Recently, a friend confided in me. He followed a well-known analyst to go long with 5x leverage, full position, and his market judgment was correct, but during a sudden spike, he was liquidated instantly, and his account was wiped out. He was puzzled: "I was right about the market trend, why did I still lose everything?"

I told him: "Being right about the trend doesn't mean you've understood the market."

Having immersed myself in this market for eight years, I increasingly realize a stark fact: this is not an ideal laboratory for technological progress, but a battlefield of capital strength. Every bit of your profit is carved out of someone else's loss; every penny of your loss flows into someone else's pocket.

**Retail investors always see themselves as hunters, but in fact, they have long become the prey.**

Newcomers often use traditional stock market strategies to trade crypto, naively believing that "if you see it right, you can make money." But reality always slaps them in the face.

The data shows: 96% of individual investors have funds under a hundred thousand dollars, and this proportion is even higher in the crypto market. Most small retail investors hold only two or three coins, with an alarmingly high concentration.

What does this indicate? It shows that small retail investors have almost no room for error.

I've seen countless scenarios like this: with a principal of 300U, opening a long position with 50U, the direction is completely correct, but a routine market fluctuation directly liquidates you. Meanwhile, another big player also goes long with 50U, and facing the same K-line spike, he remains unharmed while you've been swept out.

A more realistic situation is—