The money didn't disappear; it just flowed from retail investors' pockets into the Trump family's wallet.

Eric's interview actually inadvertently revealed the cruel truth of this cycle.

The TRUMP memecoin's market cap once surpassed ETH—during that time, how many retail investors FOMO'd in at the peak, only to stand guard at the top?

The NFT boom made a fortune—that was precisely when countless small pictures went to zero.

WLFI stablecoin projects had the fastest growth—but the prosperity of stablecoins corresponded to a reallocation of on-chain liquidity.

American Bitcoin mining listed on Nasdaq—miners suffered losses until bankruptcy in the bear market, while the real money makers were those selling the shovels.

The most heartbreaking part of this statement is when he said "we did the most successful 3 projects." Project success means someone took the bag.

And those taking the bags are exactly the retail investors who thought they could get rich quick by catching onto the "Trump concept."

On one side, the family walked away with $1 billion; on the other side, countless small investors were depleted through market volatility.

This is the survival law of crypto: during bull markets, everyone thinks they're a genius; only when the tide recedes does one discover that money simply flowed from one pocket to another.

The Trump family understood the essence of this cycle—don't bet on direction, just provide services. Issuing coins, mining, stablecoins—all are businesses of selling picks and shovels.

Meanwhile, retail investors are still guessing whether prices will rise or fall.