#我的Gate交易时刻
A Record of 13 Years in the Cryptocurrency World: I Have Forged Five Iron Rules with Blood and Tears
That hot summer in 2013, when I exchanged a month's salary for 1 Bitcoin on a trading platform, I never expected the tuition fees on this road to be so expensive. Over the past thirteen years, from the mining machines roaring in Sichuan hydroelectric plants to the late-night margin calls at Shenzhen exchanges, from ICO frenzy to the ruins of LUNA's zeroing out, I have lost seven figures to forge five survival rules carved into my bones.
First Rule: Dollar-Cost Averaging Is Noah’s Ark Through Bull and Bear Markets
I understand the impulse to go all-in—back in 2017, I fully invested in TRX chasing the rally, only to suffer a painful cut and exit. Now, I unwaveringly invest 20% of my income into Bitcoin every month, even if the price drops from 60k to 30k. Dollar-cost averaging is not cowardice; it’s turning time into the sword of compound interest. Remember: the legend of getting rich overnight in a bull market through all-in is true for 1%, but 99% will end up on the missing persons list in a bear market.
Second Rule: Controlling Your Hands Is More Important Than Watching the Market
On the night of the May 19, 2021 crash, I was bottom-fishing altcoins because I “felt it was the bottom,” losing 53% in a single day. The bloody lesson taught me: when the K-line charts are a tangled mess, shutting down and sleeping is the top-tier move. Now, my trading software has an “Emotion Lock”: after three consecutive missed opportunities or stop-losses, the account automatically freezes for a week. The market never rewards workaholics; it favors hunters.
Third Rule: The Stop-Loss Line Is the Last Bulletproof Vest
Do you remember the day Luna collapsed from $119 in 2022? I could have set my stop-loss at $90 but fantasized that “Sun’s Cut” would save the market, only to watch my position go to zero. Now, every trade has two layers of insurance: a stop-loss set at -15% of cost, and take-profit levels at three stages (+30% / 50% / 80%) for partial exits. Don’t laugh at my cowardice; those who survive longer in crypto are “scaredy cats.”
Fourth Rule: Build an Information Zen Room Amidst the Noise
“Elon Musk endorses Dogecoin,” “BlackRock ETF approved”… These news once made me frequently misjudge the rhythm. Now, I’ve blacklisted 90% of market groups, leaving only three sources: on-chain data sites, Federal Reserve rate minutes, and exchange institutional weekly reports. The true secret to wealth isn’t in the spittle of Twitter influencers, but in the wallet trajectories of whales on the chain.
Fifth Rule: Regularly Dissect Your Own Corpse
Last month, I lost 120k yuan chasing a short on SIREN. That night, I did three things:
1️⃣ Printed out my trading records and marked the mistake points (FOMO emotional outburst at 3 PM)
2️⃣ Compared with similar past operations (found I always stayed up late watching the charts before each loss)
3️⃣ Wrote it into “The Record of Foolishness” page 47 and copied it ten times as punishment
Failure is not shameful; it’s a paid private lesson—just don’t be a student who refuses to pay.
Finally: Living is the Ultimate Secret
Thirteen years ago, some miners who entered the market with me rely on Bitcoin villas by the sea, while more have quit after the 312 margin call and become delivery drivers. There is no Holy Grail in crypto; my five iron rules are just a lifeline woven from scars. When the tide recedes again, I hope we can all stand on the shore and smile lightly:

#我的Gate交易时刻 #马斯克称SpaceX市值将达2万亿美元 SpaceX’s astronomical IPO: Musk becomes the first “trillionaire” — the ultimate contest between capital and technology, and the logic and paradox behind a $1 trillion valuation
On June 12, SpaceX listed on NASDAQ under the ticker symbol SPCX. With a fixed offering price of $135, a fundraising size of $75 billion, and an opening valuation of $1.77 trillion, it set a new record in IPO history. On its first day of trading, SpaceX surged 29% at the open and closed up 19%. Its market capitalization briefly exceeded $2 trillion, surpassing JPMorgan Chase and Berkshire Hathaway, and ranking as the sixth among global listed companies. Behind this feast of capital, Elon Musk’s personal wealth also broke through $1.1 trillion, making him the first “trillionaire.” However, the logic behind this “epic” listing is far from explainable by traditional business narratives. Its valuation fulcrum, power structure, and future concerns reveal deep contradictions intertwined by technology and capital.
Three business segments broken down: a huge gap between today’s profitability and future expectations.
SpaceX’s $1.77 trillion valuation comes from Wall Street’s “future narrative” about its three major businesses:
1 Starlink: a cash pillar and growth engine as the only profitable segment. As of this year’s first quarter, Starlink already has more than 10.3 million paying users, annual revenue of $11.387 billion, operating profit of $4.4 billion, and is nearly a monopoly in the low-Earth-orbit satellite internet track. Its scale effects and network effects form the basis for the valuation.
2 Space launch: a technological moat and short-term losses. While the Falcon series rockets and the Starship project—despite building technical barriers—still have not achieved profitability, revenue is expected to reach $4.086 billion in 2025. The technological breakthroughs of reusable rockets have given Space launch an absolute dominance in commercial spaceflight.
3 xAI: a money-burning track and an AI business infused with long-term expectations (Grok large model and computing clusters). In 2025, it is set to lose $6.3 billion, yet it carries SpaceX’s ambition for an “intelligent era.” Although high R&D spending drags on current profits, it is regarded as leverage to unlock a future trillion-dollar market. The contradiction lies in the fact that in 2025 total revenue is only $18.7 billion, implying a price-to-sales multiple of 90–107x—far above the industry average. Current performance obviously cannot justify the valuation. Investment banks have pushed the timeline to 2040, predicting that the potential market size of the three businesses could reach $28.5 trillion, with revenue possibly up to $3.4 trillion—using a “distant future” to validate today’s premium, which becomes the core logic behind this IPO.
The “Musk premium” in the power structure: the company is the person, and the person is the company!
After dissecting the business model, the real core of SpaceX’s valuation lies in its founder, Musk. Through an AB share structure, he controls 85.1% of voting rights, giving him absolute control over company decisions. This IPO also breaks with convention: there were no inquiry roadshows and no price range—Musk directly set the price at $135, adopting a strong “accept or give up” posture. Even so, it attracted more than $250 billion in subscription demand, nearly 4x oversubscription. The market’s rush for this “Musk premium” stems from his track record of “breaking through”: from the mocked dream of rocket recovery to a comeback after three failed attempts; from Starlink overturning the communications industry to the aggressive exploration of Starship—his ability to turn “the impossible” into reality is the key reason investors are betting on him.
If Musk were stripped away, would SpaceX still be worth a trillion? The answer remains uncertain.
Buying SPCX stock is essentially betting on one person’s vision and execution—perhaps the most direct quantification of “human capital premium” the capital market has ever seen.
Capital paradox: using today’s money to build machines that “replace today’s people.”
Behind this celebration lies a disturbing logic loop: retail investors put their savings into SpaceX, effectively funding its xAI division at a pace of $7.7 billion per quarter to burn money developing AI systems. One of the ultimate end goals of this technology is to replace large numbers of human jobs—self-funding the creation of “self-replacing” machines; absurd, yet real. At the same time, capital is accelerating toward concentration at the top. On the day SpaceX went public, Virgin Galactic plunged 25%, and Rocket Lab fell 8.8%. Under the Matthew effect of the strong eating the weak, “superior companies” form a positive cycle by crushing competitors through technology and myth-making narratives, causing valuation premiums to keep swelling. Traditional valuation models (such as DCF and comparable-company methods) have already become ineffective, because the “founder’s premium” was never shown as a line item in the accounts—yet its actual value may well be far beyond any number on financial statements.
Epilogue: a trillion-dollar valuation—betting on the future
SpaceX’s listing is the product of intertwined technological breakthroughs, capital frenzy, and personal worship. Its trillion-dollar valuation rests on three assumptions: Starlink’s continued expansion, the commercialization of space technology, and the disruptive potential of xAI. Meanwhile, Musk’s absolute control tightly binds the company’s fate to his personal direction—this is both an advantage and a risk.
When a company’s value is anchored in the founder’s vision and execution, its fragility becomes equally self-evident.
Over the next decade, the capital market may see more “Musk-style” companies: using disruptive visions to attract sky-high valuations, digesting today’s bubbles through long-term promises, and placing human capital above traditional assets.
The chime of SpaceX is not the endpoint, but the prelude to a new era in the capital-and-technology game. In this bet, investors are wagering not only on space and AI, but also on a prediction of where human civilization will evolve. $SPCX

#我的Gate交易时刻 Behind the easing of the international situation, the game and changes in the crypto market
The pricing logic of global risk assets has always been anchored on the dual main lines of geopolitical struggles and monetary policy.
In the first half of June, the navigation crisis in the Strait of Hormuz and the unexpectedly high U.S. inflation data jointly exerted downward pressure on Bitcoin, pushing the price from the $70k mark down to below $60k, hitting a nearly 20-month new low during the correction. On June 15, as the international situation showed signs of phase-wise easing, Bitcoin experienced a technical rebound, briefly climbing back above the $65k level, with market sentiment slightly recovering from the "extreme fear" zone.
The immediate catalyst for this rebound came from a phase-wise cooling of geopolitical risks.
Previously, the blockage of navigation in the Strait of Hormuz caused by the U.S.-Iran standoff had pushed up international oil prices and strengthened global inflation expectations, becoming a key external factor suppressing the crypto market. As both sides reached a temporary navigation agreement, energy supply risks in the Gulf region eased, with Brent crude oil prices falling below $95, and global risk assets generally saw a recovery in risk appetite—U.S. stock futures and commodities strengthened simultaneously, the dollar index weakened slightly, and Bitcoin, as a high-volatility risk asset, also saw renewed buying interest.
The marginal improvement in macro expectations also provided support. With only two trading days left before the first FOMC meeting hosted by new Federal Reserve Chair Jerome Powell on June 17-18, the market currently prices in a 98.2% probability that the Fed will keep interest rates unchanged, easing fears of short-term tightening.
Despite U.S. CPI rising to 4.2% year-over-year in May, a three-year high, market expectations for rate hikes within the year remain elevated. However, before policy decisions are implemented, the market entered a brief "wait-and-see" recovery window, with some short-sellers taking profits, driving the rebound. Based on capital and trading data, initial signs of institutional fund replenishment have appeared in this rebound.
After five consecutive days of net outflows, the U.S. spot Bitcoin ETF recorded a single-day net inflow of $85.85 million on June 12, the highest in nearly four weeks, with major products like BlackRock's iBIT and Fidelity's FBTC contributing most of the increase. The market interprets this as institutional funds beginning to cautiously test buying on dips around $60k. However, it should be noted that since June, ETF net outflows have exceeded $2.1 billion, approaching the total outflow for May, indicating that the long-term capital exit trend has not fundamentally reversed. Market volatility remains intense, with a 24-hour total liquidation amount reaching $339 million, over 100k investors' positions being liquidated, with short positions accounting for more than 70%, reflecting ongoing fierce leverage gameplays in the short term.
Technically, Bitcoin currently remains in a conflicting pattern of "big-cycle pressure and small-cycle rebound." On the daily chart, the price is still below the 20-day moving average (around $66,700), with all cycle moving averages in a bearish alignment, and the overall downtrend structure unchanged; the daily RSI is about 42, in a neutral-weak zone, neither entering oversold territory to trigger a strong rebound nor having enough momentum for sustained upward movement. On the short-term hourly chart, a clear upward channel has formed, with the price above short-term moving averages, but volume is relatively moderate, and a bearish divergence has appeared on the 15-minute level, indicating diminishing rebound momentum.
Overall, this rebound is more of a technical correction driven by the easing of the international situation rather than a trend reversal. The future trajectory will still depend on the Fed's policy signals and capital flows: if the FOMC meeting signals dovishness and ETF funds continue to flow in, Bitcoin could recover to the $68,000–$70,000 range; if the Fed intensifies rate hike expectations or geopolitical tensions flare up again, the price is likely to test the $60k support again, and a decisive break below could open further downside space.
For investors, it is not advisable to blindly chase the rally at this stage, and caution should be exercised regarding the risk of a second correction after the rebound, with particular attention to the effectiveness of breaking through the resistance at around $66,700. $BTC