Before the halving, the market experienced an unexpected crash. Bitcoin dropped to the 60,000 level, and altcoins were hit even harder. Many people once again lamented the volatility of the cryptocurrency market, and feelings of short-term frustration and loss began to brew.
Long and spot traders suffered actual and nominal losses, and it should have been a time for bears to rejoice. However, the “big bear” of the crypto community, the renowned legendary trader GCR, posted on social media to warm the hearts of every wounded “leek” (a term used to refer to retail investors who often suffer losses in the market).
GSR also stated that he had already “retired” from social media and posted with the aim of preventing his brothers from being eliminated in the future despite the bright prospects. It can be said that he cares about the leeks.
Obviously, the leeks who were hit hard by the crash gained a sense of belief and emotional value from GCR’s post. This post has received over 40,000 likes on Twitter and has been widely spread.
At the same time, there are also many new leeks in the crypto community who are puzzled by the popularity of this post and have been asking who GCR is. The consensus in the crypto community is quite interesting. Not all chicken soup is good to drink, but leeks believe in the chicken soup of legendary figures who have a keen judgment of the market and have made a lot of money.
If you are also a newcomer who is unfamiliar with GCR, here is a brief introduction.
The big bear who is against the public, a legend in trading
GCR is one of the most famous traders in the cryptocurrency market. He is named “Gigantic-Cassocked-Rebirth” after his verified top-tier trading performance, many successful predictions, and clever writing on the collapsed exchange FTX, where he is known by his alias.
From 2021 to 2022, he frequently appeared on FTX’s top trader rankings and surpassed many other market participants, becoming one of the highest overall profit-makers on the exchange.
Although his identity is still unknown, he claims to have started from scratch and accumulated wealth only through trading.
Looking back at GCR’s experience over the past three years, you will find that his insights into the market are extraordinary. In the second half of 2021, GCR predicted the bear market and started trading in the opposite direction, going against the mainstream sentiment when the public was optimistic and firmly shorting altcoins.
In July, GCR predicted in a Telegram message:
“In the cryptocurrency frenzy of 2021, with zoo flying and meme coins rampant, GCR’s position is not complicated. It is simply against the ‘common market narrative.'”
What made GCR truly famous was his successful bet against the collapse of LUNA.
On March 14, 2022, GCR publicly bet $10 million with Luna founder Do Kwon (who had not yet joined the project) and believed that Luna’s price would be lower than its current price within a year, and he took action to short it. Do Kwon actually accepted the bet, and the funds for the bet were held in another big player Cobie’s account.
As we all know, UST decoupled, LUNA entered a death spiral, and the stablecoin eventually fell into the abyss. Two months later, GCR revealed that his bet had made a profit of $2.3 million.
Getting one bet right may be luck, but consecutive successes definitely involve profound logic. At the end of 2022, GCR issued a reminder that with the development of the bear market in 2022, there would be an increase in hackers, scams, and bad actors from project teams. Therefore, he would firmly short some tokens in the bear market.
Subsequently, in November, the bankruptcy of FTX, which shook the crypto community, occurred, leading the market into a deep bear market. SBF and others did engage in fraud as well.
Predictions were proven, and the legend of the big bear trader was born.
GCR’s top 10 cryptocurrency investment advice
After the collapse of FTX, GCR may have earned his freedom and permanently stopped posting on the @GiganticRebirth account. His alternative account @GCRClassic provides fewer personal trading updates but more trading methodologies and insights.
Therefore, when GCR encourages “not to give up” in the face of a cryptocurrency market crash today, people believe in and absorb the emotional value in it.
After all, when a trading guru who has experienced storms advises you not to give up, maybe the bear market hasn’t really arrived yet.
At the same time, Twitter user @0x_Lens has summarized GCR’s core cryptocurrency investment advice and insights over the past few years. We have compiled and shared them with everyone.
1. Holding or trading?
“I continue to hold a large amount of spot BTC + ETH positions because I believe we have bottomed out in November and still have a positive outlook for the future. The goal is to reach 10k ETH by 2030. For 90% of people, being a holder is better. Note that this advice is only relevant to Degen traders who speculate on altcoins.”
2. The biggest upside of memes is “never delivering”
Ironically, for $DOGE, the most optimistic path is for Twitter to never actually integrate it into anything. It will be the target Musk uses to tease, hint, mock, puzzle, and joke about, as long as there is an overall plan over the years that allows people’s imagination to run wild. We call it Hoskinson; never deliver.
3. The truthfulness of crypto news is not important; the duration of its impact is
When news affects prices, market participants often focus on whether it is true. Many times, the truthfulness of the headline is not important. The market’s reaction to the news and its duration are more meaningful.
4. Fast in the morning, slow in the evening
We observe the general trading principles when meme coins rise: In the altcoin cycle, you should increase consideration of risks when the trend first reverses and gradually protect capital over time. People fail because they do the exact opposite; they slow down early in the investment and become more greedy as time goes on.
5. Bet on Ponzi schemes when the overall environment is good
For ordinary people, the cost of flying to Macau or Las Vegas to gamble is too high. When we are making easy money and the macroeconomic environment is in line with risks, decentralized casinos and/or Ponzi schemes are always the fastest horses.
6. Speculate on new, not old, based on intrinsic logic
New coins: full of hope, lacking holders, teams still not wealthy, so there is motivation to speculate.
7. Consider profits
Try to imagine a Ponzi scheme as professional boxers fighting for a bonus rather than tokens. In a boxing match, the winner gets the prize money, and the loser gets nothing. But people often make decisions like this: when one investment performs well, they sell it (cut their winners), and when another investment performs poorly, they continue to invest (add to their losers), instead of seeking professional help to deal with the emotional problems that may arise from financial losses.
8. Realize wealth is the true measure
I previously made some suggestions, and some people made a lot of money from them, and then you received news of others making big money. However, wealth is not realized until it is truly cashed out. When trading volume is larger than market capitalization, it often means that the price increase is in its final stage.
9. The worst token design and the best market performance are not contradictory
Some of the best-performing tokens will be the tokens with the worst tokenomics, coming from the most predatory teams. Many teams that launched during the peak of the bear market have been anxiously waiting for better conditions so that they can use their tricks and engage in market manipulation.
10. The lower the unit price, the more aggressive the trading
No matter how many times people have seen it, they still underestimate the gravitational attraction of “low unit deviation” on retail investors. This is the most attractive thing in the cryptocurrency world. Think about it, why would a mentally sound person go and buy 100 units of a higher-priced coin when they could have owned 1 million units of another coin with a lower unit price?
In conclusion, reviewing the past and learning new things, the success of top traders may not be replicable, but their perspectives can guide everyone to proceed more cautiously in the crypto world.
GCR’s latest tweet link:
@0x_Lens’s compilation of GCR’s core cryptocurrency investment insights.
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