2025-12-17 01:23:57

Remember the 2021 bull run, the gains were simply outrageous. At that time, I saw veteran players complaining about unsatisfactory returns and thought to myself, are they demanding too much? It wasn't until 2025 that I truly understood what was going on.

The profit multiples in each cycle are shrinking. Why? It's quite simple—more participants are involved, liquidity is becoming more dispersed, and arbitrage opportunities are naturally being squeezed. In 2021, it was still a small circle's frenzy; now, hundreds of millions of people are watching the same opportunities, and the competition is completely different.

This is not a matter of individual skill but a change in the market structure itself. For newcomers trying to replicate the early explosive growth, it's indeed much more difficult.

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DAOplomacy

· 2025-12-19 23:59

ngl this path dependency thing is exactly what the governance primitives community has been wrestling with... the liquidity fragmentation you're describing? classic case of non-trivial externalities compounding across cycles. historical precedent suggests late entrants always face sub-optimal incentive structures... not really a skill issue tbh

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gaslight_gasfeez

· 2025-12-18 23:50

The sadness of old-timers in the crypto circle is watching the younger generation repeat their own dreams. --- The wave in 2021 was truly a game for the chosen ones. Now entering is just working for the big players. --- In simple terms, when there are more people, good opportunities disappear. This is fate. --- Early on, information asymmetry was advantageous. Now, with information explosion, competition has intensified—it's hilarious. --- Can't we look at it from a different perspective? Maybe this is the healthy market? --- Dispersed liquidity compresses arbitrage space. Where is the next opportunity, everyone? --- It feels like later entrants really find it hard to turn things around. Unfortunate timing. --- Instead of complaining, it's better to find new alpha early. Lying flat is just an excuse. --- That's why we should be cautious about new projects. The market has matured to the point where it no longer gives fools a chance.

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GateUser-addcaaf7

· 2025-12-17 01:53

Now I understand the hardships of veteran players. 2021 and 2025 are completely different matters. If I had known earlier, I would have gone all in during 2020. Now the competition is so fierce that I'm going bald. With more people, arbitrage opportunities disappear. This is the cruel market law. That's right, it's either poor technology or the times have changed; the latecomers can't enjoy the dividends. Let's wait for another cycle. Anyway, we can't expect those outrageous multiples anymore. This is called the diminishing wealth effect. The more people play, the more competitive it gets. Not just shrinking, it feels like profits are being eaten up by big players and robots.

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OffchainOracle

· 2025-12-17 01:51

Exactly, I was just watching the daily limit rise in 2021 and was stunned. Only now do I understand what a blow from a higher dimension means... When there are more people, there's no chance left. This is the reality.

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BearMarketLightning

· 2025-12-17 01:48

Damn, in 2021 I was also naive. Now I understand that those brothers' complaints weren't without reason. This is outrageous. As more participants join, competition heats up, and arbitrage opportunities instantly vanish... No wonder it's so much harder to make money now than back then. More and more people are involved, opportunities are getting worse, the early dividends really can't be regained. Having strong technology alone is useless; the market environment has changed, and no matter how hard you try, you can't make up for the era gap... It's tough. That wave in 2021 was truly a stage for the chosen ones. Now it's a battlefield—completely two different things.

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DaoTherapy

· 2025-12-17 01:38

Yeah, back in 2021 I was also involved. Looking back now, it's definitely a different story. The point about liquidity being dispersed is spot on. --- The market has been wiped out. The era of early dividends really won't come back. Newcomers entering now have to accept this reality. --- Basically, the cake hasn't grown bigger; the number of people eating it has increased tenfold. Do they still expect to get as much as before? What are they thinking? --- It's a bit pessimistic, but it does feel like competition is getting fiercer. The days of lying back and winning effortlessly are definitely gone. --- Why not change your approach? Clinging to old routines definitely won't work. You need to find new opportunities.

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NotFinancialAdvice

· 2025-12-17 01:34

Really, back in 2021 I didn't understand it either. Looking back now, I finally understand what a blow with reduced dimensions means. The early dividends are gone, and now those coming in are just grabbing leftovers. No wonder the returns are poor.

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