Crypto markets thrive on collective participation and speculation. Early movers who cash out often regret their exits, while those holding positions convince themselves the upside is infinite. The psychology runs deep: fear of missing out keeps people buying, conviction bias keeps them holding through volatility. Then comes the inevitable cycle—typically within 6 months—where the narrative collapses. Reality hits. Positions underwater. The speculative bubble deflates, and tokens return to fundamentals (or lower). Yet this pattern repeats endlessly because the appeal remains constant: the chance to catch the next explosive move. Market participants understand the game intellectually, but emotionally they're always betting they'll be among the winners before it implodes. That tension between knowing and hoping defines crypto market behavior.