Recently, the feeling of consolidation has been particularly strong—money in the market seems to be undergoing a major transfer.

First, let's talk about the current holdings. On CEX, the focus is on AIXBT, LPT, WLD, and SOL; on DEX, attention is on CRED, GIGGLE, and BANK. But the market sentiment has indeed been changing these days.

Security risks should not be underestimated. A few days ago, FLOW tokens had a private key leak, and attackers directly minted additional tokens, causing the price to plummet over 40%. Even more alarming is the risk from third-party platforms—after a theft exceeding $1 million, I completely abandoned using third-party platforms. As of 2025, the total amount stolen in cryptocurrencies has reached approximately $2.7 billion, a new record, with a single case at a major exchange accounting for $1.4 billion. North Korean hacker groups remain the biggest threat. These figures definitely send a chill down the spine.

What's more interesting is the anomaly in traditional markets. Silver has surged particularly fiercely, up over 150% this year, with the latest quote at $79.4, even surpassing oil prices. Gold has also hit a new high of $4,550. What does this indicate? A large amount of funds that might have flowed into the crypto market are being siphoned into precious metals. The profit-making effect in traditional markets is so obvious that it naturally diverts incremental capital from crypto assets.

Overall, in the short term, the crypto market is indeed facing dual pressures—on one side, a harsh security environment; on the other, pressure on capital flows. At this moment, it’s even more important to stay within risk boundaries and calmly review your holdings.

Recently, I’ve been reading Munger’s book, and one sentence left a deep impression: Wealth is not a sprint, but a marathon. True wealth comes from cognitive upgrades and the accumulation of time. In such a market environment, slowing down is actually speeding up. Don’t rush; what’s meant to come will come.