欢迎来到加密货币牛市第三阶段：欣快感

牛市分为四个阶段。系好安全带，我们刚刚进入最激动人心的阶段。欢迎来到第三期～

The bull market has four phases.

牛市有四个阶段。

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

系好安全带，我们刚刚进入最有趣的阶段。

Welcome to Phase Three～

欢迎来到第三期～

Just to refresh your memory, Phase One is Rebirth

只是为了刷新你的记忆，第一阶段是重生

This phase spans from January 2023 to January 2024.

该阶段从2023年1月到2024年1月。

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

重生阶段的显着特征是熊市疲劳。

Nothing seems interesting anymore because everything sucks.

似乎没有什么有趣的了，因为一切都很糟糕。

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

你的朋友和媒体仍在谈论熊市崩盘。

People are still getting laid off.

人们仍在被解雇。

However, prices are quietly recovering.

然而，价格正在悄然回升。

Bitcoin has tripled.

比特币已经翻了三倍。

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

但你几乎没有注意到，因为你的大部分投资仍然处于亏损状态。

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

只有经历过两个或两个以上周期的资深加密货币交易员才会意识到牛市已经开始。

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

大多数人仍然不相信这是牛市的开始。

Phase Two is Excitement

第二阶段是兴奋

This phase started in February 2024 and ended last week.

该阶段于 2024 年 2 月开始，上周结束。

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

一些代币正在接近历史新高。故事会回来，但每个季度只有少数。

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

现在加密货币领域的每个人都知道我们正处于牛市中。

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

但由于某种原因，你的朋友仍然没有给你发短信。

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

你正处于一种既兴奋又焦虑的奇怪状态。

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

人们正在被解雇，但招聘尚未开始恢复。

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

场地给人一种封闭的感觉，没有人进出。

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

总体来说，生活还是不错的。你的加密货币朋友都在赚钱。

This is the calm before the storm.

这是暴风雨前的平静。

Phase Three is Euphoria

第三阶段是欣快感

We are currently in this phase.

我们目前正处于这个阶段。

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

随着 11 月 5 日总统选举，兴奋阶段正式开始。

This is a fun time.

这是一段有趣的时光。

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

大家都在赚钱，但是投机者还没有完全入市。

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

趁这一刻持续的时候享受它，因为它是非常短暂的。

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

您拥有的资产即将突破（如果还没有）历史高点。

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

过去每个季度只有少数新故事，但现在每周都会有新故事出现。

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

到最后，几乎每天都会有新的故事。

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

没有人会厌倦这些故事——每一个想法都是一个“好”想法。

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

任何拥有追随者的人都是天才，并且对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.

肯定有人会在本周的热门币上赚钱，我保证他们会谈论它。

This can be annoying.

这可能很烦人。

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

（但请记住，每个人都有自己的利益，没有人会分担损失）

New stories bring new coins.

新的故事带来新的硬币。

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

硬币每天都在上涨，但你不会拥有其中的大部分。

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

本周你可能上涨了 8%，但你会因为错过了[热门新币]而感到恼火。

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

新硬币和新故事的结合创造了“害怕错过”（FOMO）。

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

如果您不小心，FOMO 可能会给您带来麻烦。

Here is some advice:

这里有一些建议：

Understand the pros and cons of your investment strategy.

了解您的投资策略的利弊。

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

当日交易？要知道这会影响您的工作和心理健康。

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

专注于建设？要知道您可能会错过一些大笔交易。

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

一切事物都有优点和缺点——知道它们是什么。

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

不要尝试做所有事情，否则你会全部失败。

Back to Phase Three.

回到第三阶段。

The private markets are about to get very hot.

私人市场即将变得非常火爆。

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

首先，资产配置者在 11 月 6 日醒来，意识到他们对加密货币的投资严重不足。

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

他们开始联系风险投资公司和对冲基金以获得分配。

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

这些公司宣布推出大型新基金的速度将快得难以计数。

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

后期风险投资已经安静了两年多。现在它会卷土重来。

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

庞大的资金和开放的IPO市场将允许BD轮公司再次融资。

Large financings will become the norm once again.

大额融资将再次成为常态。

A-round financings will be done quickly.

A轮融资将很快完成。

This will attract new world-class founders to join.

这将吸引新的世界级创始人加入。

Hiring is becoming very competitive.

招聘变得非常有竞争力。

Protocols are offering large token rewards to attract top talent.

协议提供大量代币奖励来吸引顶尖人才。

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

如果您是创始人，您有 3-6 个月（可能更短）的时间以合理的薪水聘请最优秀的人才。

After that, you will be playing catch-up.

在那之后，你将追赶。

We are mainstream again.

我们再次成为主流。

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

福布斯、彭博社、CNBC……都在热情报道加密货币。

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

你的朋友正在给你发短信谈论卡尔达诺。您的财务顾问建议将 5% 分配给比特币。

Traditional finance is rushing to "tokenize everything."

传统金融正急于“将一切代币化”。

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

然后，在 2025 年中期左右，一些奇怪的事情开始发生。

Enter Phase Four: Disconnect

进入第四阶段：断开连接

Fortune 500 companies are announcing massive Bitcoin purchases.

财富 500 强公司宣布大规模购买比特币。

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

运动员和艺术家正在参与其中——加密货币渗透到文化中。

Venture capital firms are no longer performing due diligence.

风险投资公司不再进行尽职调查。

Speculators are raising millions

投机者正在筹集数百万美元