I recently heard a seasoned crypto professional share some thoughts that really hit home. In an interview, he discussed the two most common psychological misconceptions among crypto investors.

The first is always blaming market makers for losses. He straightforwardly said that this explanation has become tiresome—cryptocurrency markets are inherently volatile, but whenever people lose money, their first reaction is to think they are being targeted, completely ignoring macroeconomic cycles, capital flows, and other decisive factors. They also refuse to review their own trading logic. Once a victim mentality takes hold, investors get trapped in emotions and are unable to make rational decisions.

The second point is even more interesting. When asked how he manages to track those "unwanted" wallet addresses without being detected, his answer was—"with imagination." It sounds like a joke, but it’s actually profound. On-chain data is transparent and open, but truly valuable information is never on the surface. Those who make money are often not the ones obsessively analyzing data, but rather those who can think outside the box and use their imagination to discover new opportunities.

In essence, these two points serve as a reminder: instead of being troubled by a "targeted" mindset, develop the ability to analyze calmly; instead of obsessing over data and overthinking, broaden your perspective to understand the logic behind the market. This is probably the fundamental reason why some turn their fortunes around in a bear market while others continue to lose in a bull market.