Crypto whale Jason Leo, also identified on X as "先定 10 个大目标" ("Set 10 big targets first"), said contrasting mistakes across two market cycles reshaped his views on trading discipline and risk control. He made about $100 million during the previous cycle but held his trend view too long after a reversal, failing to cut losses and giving back much of his gains. In the current cycle, he expected Bitcoin to reach $74,000 but exited early as past losses heightened his caution; Bitcoin later touched that level. After Bitcoin reached $72,500, he placed limit orders to re-enter a closed long between $70,500 and $71,500 and opened a short near $76,000. The long orders were not filled, Bitcoin rose above $79,000 and reached $79,500, and he realized a $1.0158 million loss after reducing shorts. He said the latest error was underestimating the rally and trading a pullback too early, rather than misjudging the medium- to long-term direction. On-chain monitoring later showed larger BTC and Ether shorts, an $80,500 stop-loss and combined reported losses of $2.838 million. Leo remains medium- and long-term bullish, expects Bitcoin to reach $100,000 next March and said a daily close above $80,500 would invalidate the short thesis.