歡迎來到加密貨幣牛市第三階段：欣快感

牛市分為四個階段。繫好安全帶，我們剛進入最令人興奮的階段。歡迎來到第三期～

The bull market has four phases.

牛市有四個階段。

Strap yourself in, we just entered the most fun phase.

繫好安全帶，我們剛剛進入最有趣的階段。

Welcome to Phase Three～

歡迎來到第三期～

Just to refresh your memory, Phase One is Rebirth

只是為了刷新你的記憶，第一階段是重生

This phase spans from January 2023 to January 2024.

此階段從2023年1月到2024年1月。

The defining characteristic of the rebirth phase is the bear market fatigue.

重生階段的顯著特徵是熊市疲勞。

Nothing seems interesting anymore because everything sucks.

似乎沒有什麼有趣的了，因為一切都很糟糕。

Your friends and the media are still talking about the bear market crash.

你的朋友和媒體仍在談論熊市崩盤。

People are still getting laid off.

人們仍在被解僱。

However, prices are quietly recovering.

然而，價格正在悄悄回升。

Bitcoin has tripled.

比特幣已經翻了三倍。

But you barely notice because you are still down on most of your investments.

但你幾乎沒有註意到，因為你的大部分投資仍然處於虧損狀態。

Only veteran crypto traders who have been through two or more cycles realize that the bull market has started.

只有經歷過兩個或兩個以上週期的資深加密貨幣交易員才會意識到牛市已經開始。

Most people still don't believe that this is the start of a bull market.

大多數人仍然不相信這是牛市的開始。

Phase Two is Excitement

第二階段是興奮

This phase started in February 2024 and ended last week.

此階段於 2024 年 2 月開始，上週結束。

Some coins are approaching all-time highs. Stories are coming back, but only a handful each quarter.

一些代幣正在接近歷史新高。故事會回來，但每季只有少數。

Everyone in crypto now knows that we are in a bull market.

現在加密貨幣領域的每個人都知道我們正處於牛市中。

But for some reason, your friends still haven't texted you.

但由於某種原因，你的朋友仍然沒有給你發短信。

You are in a weird state of both excitement and anxiety.

你正處於一種既興奮又焦慮的奇怪狀態。

People are getting laid off, but hiring has not yet started back up.

人們正在被解僱，但招聘尚未開始恢復。

The field feels closed off with no one entering or leaving.

場地給人一種封閉的感覺，沒有人進出。

Overall, life is good. Your crypto friends are all making gains.

整體來說，生活還是不錯的。你的加密貨幣朋友都在賺錢。

This is the calm before the storm.

這是暴風雨前的寧靜。

Phase Three is Euphoria

第三階段是欣快感

We are currently in this phase.

我們目前正處於這個階段。

The euphoria phase officially started with the presidential election on November 5.

隨著 11 月 5 日總統選舉，興奮階段正式開始。

This is a fun time.

這是一段有趣的時光。

Everyone is making money, but the speculators have not fully entered the market yet.

大家都在賺錢，但是投機者還沒完全入市。

Enjoy this moment while it lasts because it will be very short-lived.

趁這一刻持續的時候享受它，因為它是非常短暫的。

The assets that you own are about to cross (if they haven't already) all-time highs.

您擁有的資產即將突破（如果還沒有的話）歷史高點。

In the past, there would only be a handful of new stories each quarter, but now new stories are coming out every week.

過去每季只有少數新故事，但現在每週都會有新故事出現。

By the end, there will be new stories almost every day.

到最後，幾乎每天都會有新的故事。

No one gets tired of these stories------every idea is a "good" idea.

沒有人會厭倦這些故事——每一個想法都是一個「好」想法。

Anyone with followers is a genius and has their own take on the new stories.

任何擁有追隨者的人都是天才，並且​​對新故事有自己的看法。

Someone will definitely make money on this week's hot coin and I guarantee they will talk about it.

肯定有人會在本週的熱門幣上賺錢，我保證他們會談論它。

This can be annoying.

這可能很煩人。

(But keep in mind everyone has their own interests and no one will share their losses)

（但請記住，每個人都有自己的利益，沒有人會分擔損失）

New stories bring new coins.

新的故事帶來新的硬幣。

Coins are going up every day and you won't own most of them.

硬幣每天都在上漲，但你不會擁有其中的大部分。

You might be up 8% for the week, but you will feel annoyed that you missed out on the [hot new coin].

本週你可能上漲了 8%，但你會因為錯過了[熱門新幣]而感到惱火。

The combination of new coins and new stories creates a "Fear Of Missing Out" (FOMO).

新硬幣和新故事的結合創造了「害怕錯過」（FOMO）。

If you're not careful, FOMO can get you into trouble.

如果您不小心，FOMO 可能會給您帶來麻煩。

Here is some advice:

這裡有一些建議：

Understand the pros and cons of your investment strategy.

了解您的投資策略的利弊。

Day trading? Know that it will affect your work and mental health.

當日交易？要知道這會影響您的工作和心理健康。

Focusing on building? Know that you might miss out on some big trades.

專注於建設？要知道您可能會錯過一些大筆交易。

Everything has pros and cons------know what they are.

一切事物都有優點和缺點——知道它們是什麼。

Don't try to do everything or you will fail at all of it.

不要嘗試做所有事情，否則你會全部失敗。

Back to Phase Three.

回到第三階段。

The private markets are about to get very hot.

私人市場即將變得非常火熱。

It starts with the asset allocators waking up on November 6 and realizing that they are drastically under-invested in crypto.

首先，資產配置者在 11 月 6 日醒來，意識到他們對加密貨幣的投資嚴重不足。

They begin reaching out to venture capital firms and hedge funds for an allocation.

他們開始聯繫創投公司和對沖基金以獲得分配。

These firms will announce the launch of large new funds faster than you can count.

這些公司宣布推出大型新基金的速度將快得難以計數。

Late-stage venture capital has been quiet for over two years. Now it will come roaring back.

後期創投已經安靜了兩年多。現在它會捲土重來。

The large funds and open IPO market will allow B-D round companies to raise again.

龐大的資金和開放的IPO市場將讓BD輪公司再次融資。

Large financings will become the norm once again.

大額融資將再次成為常態。

A-round financings will be done quickly.

A輪融資將很快完成。

This will attract new world-class founders to join.

這將吸引新的世界級創始人加入。

Hiring is becoming very competitive.

招募變得非常有競爭力。

Protocols are offering large token rewards to attract top talent.

協議提供大量代幣獎勵來吸引頂尖人才。

If you are a founder, you have 3-6 months (maybe less) to hire the best talent at a reasonable salary.

如果您是創辦人，您有 3-6 個月（可能更短）的時間以合理的薪水聘請最優秀的人才。

After that, you will be playing catch-up.

在那之後，你將追趕。

We are mainstream again.

我們再次成為主流。

Forbes, Bloomberg, CNBC…… they are all covering crypto with enthusiasm.

福布斯、彭博、CNBC…都在熱情地報道加密貨幣。

Your friends are texting you about Cardano. Your financial advisor is suggesting a 5% allocation to Bitcoin.

你的朋友正在傳簡訊給你談論卡爾達諾。您的財務顧問建議將 5% 分配給比特幣。

Traditional finance is rushing to "tokenize everything."

傳統金融正急於「將一切代幣化」。

Then, around mid-2025, some strange things start to happen.

然後，在 2025 年中期左右，一些奇怪的事情開始發生。

Enter Phase Four: Disconnect

進入第四階段：斷開連接

Fortune 500 companies are announcing massive Bitcoin purchases.

財星 500 強公司宣布大規模購買比特幣。

Athletes and artists are getting involved------crypto permeates culture.

運動員和藝術家正在參與其中——加密貨幣滲透到文化中。

Venture capital firms are no longer performing due diligence.

創投公司不再進行盡職調查。

Speculators are raising millions

投機者正在籌集數百萬美元