#比特币市场表现 CZ's words are worth pondering repeatedly. The true early buyers are not those who entered at new all-time highs, but those who bottomed out during the peak of FUD — this reflects the fundamental difference in market psychology.

Looking at on-chain data can also verify this point. During each bull-bear cycle, large wallet addresses tend to accumulate during highly pessimistic phases, rather than at the height of public enthusiasm. Fear index hitting bottom, exchanges experiencing outflows, whales gradually accumulating — these signals are the real markers of opportunity.

Wang Feng's mention of "seeking scarce universal consensus" also confirms this logic. When the market is re-pricing risk assets, the window of greatest cognitive divergence is often the shortest. Whether one can make judgments amid uncertainty depends on the depth of understanding of on-chain fund flows and large holder behaviors.

The true boundary lies in: recognizing fear vs recognizing traps. This requires data, and discipline.