$45 million "invisible" hunter: Cat Sister's trading evolution theory

At the top of the “smart money” leaderboard for Binance futures, there is a strange avatar - a green cucumber cat.

There are no real people showing their faces, no loud calls for orders, and no “eternal profit”. This trader named Pickle Cat (hereinafter referred to as “Cat Sister”) seems like a ghost drifting outside the hustle and bustle. If it weren't for the astonishing data column — the total real trading profit has reached as high as $45 million, it would be hard to associate this seemingly slightly silly green cat with the coldest hunters on the cryptocurrency battlefield.

Recently, this mysterious top deity was a guest on Binance Chinese Radio, where he had an in-depth conversation lasting over an hour with the host Sisi (@sisibinance).

Unlike the “get-rich-quick schemes” and “hundred-times myths” that flood the market, Cat Sister brings a review about human nature, macro cycles, and self-analysis. She won't tell glamorous stories about how to get rich overnight; she only talks about how she transformed herself into a true trader amidst countless impulses to be a “gambling dog”.

From the “false diligence” of high-frequency trading to the “legendary returns” of low-frequency fluctuations, Cat Sister's story is a must-learn lesson for every trader struggling to survive in the K-line chart.

1. The Trap of Diligence: When “Taking Initiative” Loses to “Grandma”

Cat Sister did not become the top from the beginning; as early as around 2013, she immersed herself in this emerging market that was then dominated by geeks.

At that time, she, like most retail investors now staring at second K-lines and minute charts, believed that “hard work pays off.” She turned herself into an unflagging trading machine: monitoring the market, opening positions, closing positions, and opening positions again. By the end of the year, she had almost captured every seemingly existing fluctuation, with an extremely high trading frequency, even sacrificing sleep and life for it.

However, at the moment of the year-end review, reality gave her a resounding slap in the face.

“I did some calculations. After a year of sleepless high-frequency trading, deducting fees, wear and tear, and the losses from a collapsed mindset, my final return rate is actually lower than my grandmother's. This doesn't even account for the opportunity cost of constantly watching the market.” In the live stream, Sister Cat revealed her past in a self-deprecating tone.

What did her grandmother do? She simply listened to her advice at the beginning of the year, passively invested in Bitcoin, and then did nothing, forgetting about the account.

“At that moment, I realized that 'diligence' in the trading world might be a self-deceptive lie.”

This became the first watershed in her trading career. After reflecting deeply, she simplified things. She realized that high-frequency day trading is a zero-sum game destined for losses for most people. You are not only competing against the market, but also against high transaction fees, slippage, and your own fragile nerves.

Since then, she has completely transformed. She has kicked her addiction to “quick money” and turned to low-frequency, low-leverage swing trading. She no longer tries to catch every fluctuation of the K-line, but instead, like a patient hunter, hides in the jungle, waiting for the moment when the macro cycle and emotional cycle resonate.

This seemingly “lying flat” strategy, combined with Cat Sister's patience in holding on, has put her on the fast track to a profit of 45 million dollars.

2. Macroscopic Perspective: Finding Tranquility Amidst the Roar of the Printing Press

If you ask Cat Sister what the most core factor affecting the crypto market is right now, she would never talk to you about K-line divergence or any “mysterious” technical indicators.

“The previous crypto space was a playground for geeks, not looking at the macro. But now, the logic has completely changed.” Cat Sister pointed out bluntly in the live broadcast, “Current crypto assets are the most sensitive assets to macro liquidity.”

In her trading system, there are two invisible main lines that are more important than any candlestick.

Dollar Liquidity Cycle: The speed of the global central banks' money printing machines, which determines the depth of the water level.

Real interest rate: The cost of money determines the direction of funds.

“The logic is simple: as money printing accelerates, saving money becomes increasingly unprofitable, and funds will naturally frantically seek out scarce assets.” From Cat Sister's perspective, it has become completely institutionalized; she believes that with the approval of ETFs, institutions have already obtained their entry tickets.

For the current market situation, she provided a highly insightful judgment: the market is transitioning from “retail sentiment-driven” to “institutional structured layout.”

On-chain data is her thermometer. She observed that despite the market appearing calm, the proportion of long-term holders' chips remains high, while the chips of short-term speculators have been completely sold off. What does this indicate? It indicates that institutions are methodically consuming the retail investors' “risk budget.”

"As long as there are no reckless actions, it is currently highly likely that the market is being led by institutions in a slow bull trend. Cat Sister predicts that once institutions complete their arrangements, the market will once again enter a high volatility phase. As for the endpoint of this cycle, she has given a bold time frame: after Q1 2026, the tail end of the bull market may truly come to an end.

3. Trading Philosophy: Self-discipline is not practiced, it is “endured”

If the macro perspective determines the direction, then trading psychology determines life and death. This is also the aspect that Cat Sister emphasizes the most and touches people's hearts during her live broadcasts.

Regarding “how to become a profitable trader,” she once had a widely circulated saying: “Before becoming a profitable trader, you need to at least get liquidated three times.”

This is not alarmist rhetoric. When Sisi asked how to establish self-discipline, Cat Sister's response was cold and real: “Self-discipline is not something you can practice in a demo account, nor is it something you can learn just by reading a few books on trading psychology. Self-discipline is something that is 'endured' into existence.”

“Only when you have experienced a complete collapse, watched your account go to zero, and had your self-esteem trampled underfoot by the market, will that kind of deep-seated pain instill in you a true sense of awe.”

She divides the process of psychological reconstruction into three steps:

Acknowledge Mediocrity: Acknowledge that your current self does not deserve the results you desire. Do not rush to recover for the sake of face, as that is a step towards the abyss of destruction.

Seek within yourself: External factors only have an impact because of internal factors. Don’t blame the market, don’t blame the manipulators, don’t blame external factors like Musk’s calls; instead, ask yourself: “Under what emotions do I become a fool?”

Utilizing the Low Points: It is only during the low points that your self-esteem is at its weakest. This is your only opportunity to examine yourself from a third-person perspective, analyze, and review the underlying logic.

For those traders who always “cut profits short and let losses run,” Cat Sister provided a brilliant “psychological prescription.”

“First, let's see if you have the 'M physique.'” She joked, “If you can really 'hold the position' and refuse to sell even in the face of floating losses, it shows that your patience is extremely strong, which is actually a kind of talent.”

“What you need to do is not to fight against your character, but to utilize it. Use this super endurance for pain to withstand the drawdown of floating profits. When you're making money, you need to hold on tightly just like when you're bearing losses, and let the profits run.”

Leverage human nature, rather than oppose it, this is Sister Cat's trading philosophy.

IV. Narrative Upgrade: The Eye of the Next Storm

In addition to macro and psychological factors, Cat Sister also has unique insights into the evolution of market narratives. She believes that the next round of real change in the market will not come from a single technological upgrade, but from an upgrade in the narrative of consensus itself.

She has outlined a clear evolution path:

ICO Era: The protocol brings together those who believe in the same story.

DeFi Era: Liquidity aggregated by decentralized trading.

NFT Era: A fusion of culture, aesthetics, and resonance.

Meme Coins Era: Aggregating emotions, identity recognition, and collective jokes.

“No need to understand the technology, just need to understand the memes.” This is precisely the social contract behind the Meme coin frenzy.

As for the future, she is optimistic about prediction markets. In her view, this track, which aggregates people's judgment on the future, combines grassroots consensus, immutable fairness, and the free flow across borders, is very likely to give birth to the next phenomenal opportunity.

“AI has solved the problem of productivity, while cryptocurrency addresses the flow and distribution of value.” This high-level understanding allows her to maintain a sense of detachment when faced with the noise of the market.

5. Advice for Retail Investors: Don't Pick Up Coins Under the Giants' Feet

During the live broadcast's connection segment, facing anxious retail investors, Cat Sister showed her “clear-minded” side.

A viewer asked: “How to seize trading opportunities from news like Trump's tariffs?”

The answer from Cat Sister was decisive: “Do not engage in high-frequency news trading.”

“If you trade based on news, as a retail investor, you will always be at a disadvantage. This is not called trading; it is called gambling,” she explained. Institutions have lightning-fast terminals and vast information networks. Even if you predict the trend before the institutions, they might still place their orders before you. By the time the news reaches your phone, the market has already moved on.

“Give up on intraday high frequency and news speculation. Shift towards longer-term swing trading, so that the short-term noise can be ignored.”

For novice users, she is very outspoken: “Do not try to look for a surefire strategy, as it does not exist. Novices must first lose a little money (preferably in a demo account or with small funds). Because only after experiencing pain do you understand why those seemingly tempting shortcuts (such as heavy positions or all-in) lead to a dead end.”

Conclusion: Definition of Winning

From a trading profit rate that is not as good as “grandma's dollar-cost averaging” to the top of Binance's smart money list, Cat Sister's story is less of a myth of getting rich quickly and more of a “trader's self-cultivation.”

At the end of the live broadcast, she gave a simple yet profound definition of “winning”:

“Real winning is not about how much money you make in the market, but whether you can keep that money and use it to enrich your life.****”

In this 24-hour casino filled with madness, greed, and fear, Sister Cat acts as a calm observer, telling us from her experience: in this market, living longer is more important than running faster; understanding oneself is more important than understanding candlestick charts.

While most people are still anxious about the rise and fall of the next K-line, that green cucumber cat may be quietly lying at the peak of the cycle, waiting for the next hunt to begin.

Important Note： This article is for industry dynamics exchange and personal experience sharing, and is by no means investment advice. The views in the article only represent the author's personal opinion and are not related to the platform's position. The content does not constitute any investment, financial, legal, accounting, or tax advice, nor does it represent a recommendation, offer, or solicitation to purchase any digital assets (including stablecoins and NFTs). The prices of digital assets are highly volatile and carry significant risks; please be sure to assess your investment decisions carefully based on your own circumstances. For professional advice, please consult your legal, tax, or investment advisor. Readers must understand and comply with the laws and regulations in their respective regions and bear the risks themselves.