The crypto market is more extreme than the traditional stock market. If the stock market is entering a "capability market," then the crypto market has almost always been an amplified version of capability screening. The layering here is very clear: the top layer consists of early chip holders, market makers, and whales, who naturally have cost and information advantages; the middle layer includes quantitative and professional traders who survive on volatility and discipline; the bottom layer is emotional participants who chase hot trends, leverage up, FOMO in, and panic sell. During a bull market, these gaps are masked because almost all coins will rise; once the market enters consolidation or a bear phase, the layering becomes immediately apparent, and those who are losing often continue to lose. The crypto market relies more on liquidity and narrative rather than stable profitability, so it is more volatile, faster-paced, and the cost of mistakes is higher. It’s not simply a "bag-holding game," but a market where risk management skills are infinitely amplified—those who can make money long-term rely not on faith, but on position control, cycle judgment, and patience to survive multiple bull and bear cycles.