Headquarters Gully, 94, 312, 519, LUNA, FTX…… Over the past ten years, every market evolution has been accompanied by intense volatility.

Newcomers often rush in seeking overnight riches, but those who have been through the market know—luck is never reliable here, missing even one step can lead to the abyss. Looking back at history, several key moments are worth remembering:

In 2014, the Headquarters Gully theft incident, 850,000 BTC disappeared instantly, triggering panic selling across the network; in 2017, the 94 Storm, market capitalization evaporated by 80% overnight, many people's dreams shattered in that wave; in 2020, 312, Ethereum plummeted from a high to around $80, with countless contract accounts wiped out; on 519, 2021, the contract bloodbath day, 600,000 accounts were liquidated in just one day, leverage tools turned into nooses; in 2022, the "stablecoin myth" of LUNA was instantly shattered, followed by the FTX explosion— even top-tier platforms couldn't withstand the risk, and user funds seemed to vanish before their eyes.

These are vivid lessons. Currently, hot coins like SUI, TRUMP, BONK, PEPE, OM, SOL, PNUT look lively, but it’s important to understand: only a very small minority can walk away unscathed here. Before a black swan arrives, the market always strangely appears calm and peaceful.

So I am even more cautious about the current market—not out of fear of losses, but because I’ve seen too many scenes where the market suddenly reverses. Those seemingly solid supports can turn into cliffs in an instant. Trading still relies on logic and discipline, not luck.