On May 28, top trader Eugene Ng Ah Sio posted on his personal channel, saying, "The past two months have been the most challenging trading period for me—and many top traders I know. We are facing an extremely challenging situation: on one hand, there are sufficient reasons to maintain a bearish or defensive stance, while on the other hand, the market is extremely volatile, frequently testing traders' beliefs, causing most people to be repeatedly harvested or can only watch from the sidelines during the entire upward process."
"From a fundamental perspective, reasons to remain conservative include: tariff situations continue to substantially impact global economic growth, and the Trump administration's handling lacks long-term clarity; US 10-year Treasury bond yields remain persistently high, suppressing risk asset prospects; BTC purchases driven by traditional financial retail investor optimism appear unnatural (?), with imitators emerging suggesting this strategy is about to peak. Additionally, after experiencing the most brutal Altcoin crash in February and March, it is entirely understandable that the market has formed a defensive mindset. Personally, although I explicitly acknowledge that I should have turned bullish and remained bullish when breaking through $90,000, I still find it difficult to maintain this view."
"I often recall Cobie's perspective: instead of thinking about winning, first ensure not losing—this has become my dominant strategy this year. Now I am actively taking measures to change this state, which requires considerable effort. From market observations, cryptocurrency native traders clearly have not yet adopted this strategy, with most still seeking opportunities, as this was the only way to survive the previous crash. But the pendulum will eventually swing back, rewarding those who dare to risk for greater dreams (in fact, this process has already begun). Currently, everyone's focus is on BTC, with prices hovering near historical highs. Will we ultimately break through upwards or encounter the largest bull market trap I have ever seen?"
