In a bear market, it's hard not to feel unbalanced when comparing the crypto space to the US stock market. Crypto is young, full of innovation and high volatility, but also marked by manipulation and complexity. We can't expect both the ultra-high returns of crypto and the smooth yield curve of traditional markets.

So how do you make money in crypto? Trend rolling positions in major coins do offer opportunities, but they require extremely high standards for technical skill, position sizing, mindset, and timing. Except for Bitcoin, the future of other blue-chip coins is hard to predict. The real opportunities still come from track-level growth brought by crypto innovation. For example, BRC20 created a batch of wealth legends, and mass asset issuance on the Solana chain is another track-level opportunity, though such opportunities are often fraught with twists and turns.

When Bitcoin corrected in October, the privacy track led by ZEC saw a major upward trend. While people’s attitudes change with price swings, a countertrend rally indicates that capital is paying attention. With favorable macro expectations for 2026, whether $ZEC can become the next $ORDI or even surpass it is something to look forward to.

I'm not certain whether the privacy track will rise, but in the bear market it has already sparked a flame, now being tested by the winter—either to go out or to spread like wildfire. If the macro environment eases in 2026, capital may focus on the privacy track that performed well during the bear market. However, my position is very small and already at a loss, so don’t follow blindly. Follow Musen to help you avoid traps and seize market opportunities!