In the comments section of last week's article, a reader asked: "Why does Vitalik always sell Ethereum when the market is in a panic?" I do see Vitalik selling Ethereum from time to time, but I don't know if it's always during times of market panic. Not only Vitalik Buterin, the Ethereum Foundation also occasionally sells off its holdings. Besides them, it was recently reported online that Peter Thiel has almost completely liquidated his previously purchased BMNR (Ethereum Treasury) stock. I don't know why they're selling, but I basically don't care about that kind of news. I'll still focus on Ethereum's fundamentals: - Has Ethereum's fundamentals deteriorated? Has it deviated from its core values? - Has Vitalik and the Ethereum Foundation's plans for Ethereum's future, and have each upgrade further strengthened its competitive advantage? If these fundamentals haven't changed, I'll completely ignore other information, such as buying, selling, and trading. I remember in an article last year, I introduced Dan Bin's book, *The Rose of Time*. When introducing that book, I specifically shared two "interesting anecdotes" Dan Bin recounted in the book about Tencent's early development. Those two "interesting anecdotes" are among the key points that left a deep impression on me after reading the book. The first was a near-collective, large-scale sell-off by Tencent's top management in the company's early days. The second, even more shocking event was the large-scale sell-off of Tencent shares by individuals with close blood ties to Tencent's top management. Without even using imagination, we can logically deduce the impact those two sell-offs had on the market at the time. Looking back now, from an investment return perspective, were those two sell-offs justified? The answer is self-evident. As for the reasons for their sell-off, it must have been a hot topic of discussion at the time, but now I estimate that few people care about it anymore, and even fewer remember those events. --- If Dan Bin hadn't revealed it in his book, I certainly wouldn't have known. Regarding Dan Bin, who was personally involved, he said: Faced with those two sell-offs, he still believed that Tencent's fundamentals hadn't changed, and he still believed in Tencent's future. So he held onto Tencent stock into the future. Over the years, my views on Dan Bin have changed in many ways, but I've always admired him for this. Let's look at a more recent, more closely watched company: Nvidia. From the year before last until the beginning of last year, media outlets consistently reported that Nvidia's Jensen Huang was selling off his own company's stock. Discussions about this were endless, reaching their peak at the beginning of last year. Why? The emergence of DeepSeek "crashed" Nvidia's stock price, and Nvidia sold off its shares just before the stock price crashed. "Old Huang is really cunning; such precise timing in timing the market top—what else could it be but insider information?" In the blink of an eye, over a year has passed, and Nvidia's stock price is more than 50% higher than when Old Huang sold off his shares/before it was crashed by DeepSeek. Moreover, after the latest financial report was released, the stock price even saw a rebound. Is anyone still discussing why Huang sold off his shares? Not only are they not, but we've also seen Duan Yongping and many others continue to increase their Nvidia holdings since then. Of course, I'm not saying their reasons for increasing their Nvidia holdings are correct, but I believe that Huang's selling off did not affect other investors' efforts to increase their holdings. Therefore, our investment strategy should return to its fundamentals, to our own investment logic, and not be swayed by market noise. If others' selling affects the fundamentals of the company/project, we must pay close attention; otherwise, we can completely regard it as noise and interference and ignore it without hesitation.