Why do I say that,

"Holding the exposure for time, rather than the type of exposure" is the greatest source of risk, and even "encourages" everyone to "PVP".

Here is an interesting set of data to share with everyone:

Statistics from October 1 of last year to the present show that the three representative public chains, ETH, SOL, and SUI, have experienced daily declines of over 3%.

Note: Excluding BTC, which is greatly influenced by external markets, these three represent the experiences of bull and bear cycles from more to less; only considering the maximum drawdown, regardless of the closing recovery.

We can conclude that:

- ETH experiences a decline of more than 3% every 22.6 days on average, with a median of 7 days.
- SOL experiences a drop of more than 3% approximately every 11.2 days, with a median of 5 days.
- Sui experiences a decline of more than 3% approximately every 12.1 days, with a median of 2 days.

In other words, unless you catch a significantly lower position or enter at a larger trend level, any other time to enter, whether holding spot for the long term or using low leverage to go long, the risk-reward ratio is not appropriate.

This is still the main representative public chain; if I pull out the data on other types of altcoin projects, it will be even more so.

So the correct approach is to enter with a high leverage ratio for the short term, but strictly set a stop-loss to define profits by losses, and strike when you can win. Once a profit appears, take the opportunity to cash out, and never be greedy.

In this cycle, if you still do not use or even learn about leverage: perpetual is leverage, and on-chain level is also leverage (3-125X leverage for one-way long position).

Still sticking to the "spot trading is not afraid" approach.

Then this cycle basically has nothing to do with you.

Learn and practice.