Crypto whale Jason Leo said he is rethinking trading discipline and risk control after contrasting mistakes across two market cycles. He said he made about $100 million in profits during the previous cycle but failed to cut losses after a market reversal because he remained committed to his trend view, causing a major drawdown. In the current cycle, he expected Bitcoin to reach $74,000 and initially treated volatility as part of the advance, but exited early as the price approached that level because past losses heightened his risk concerns. Bitcoin ultimately touched $74,000, but he was no longer holding. Jason said the earlier mistake was excessive confidence in the trend, while the latest was abandoning it too soon out of fear of repeating the past. He concluded that the main trading challenge is overcoming entrenched beliefs formed by past experience.