As a short seller, I want to organize in advance the things I must do if a bearish market for Bitcoin arrives. Of course, this does not mean that we are currently in a bearish market. Predictions about Bitcoin are always wrong, and I am someone who either shorts or holds long-term without knowing how to read charts. However, during the last Luna crash, which occurred near President Yoon's inauguration ceremony, it seems everyone has forgotten about it. This time, the presidential inauguration will proceed without a transition period, and since the atmosphere is good, I thought it would be better to mention this in advance and write it down. 1. Studying Bitcoin - Studying Bitcoin during a bearish market is harder than studying it during a bullish market. This is because it goes against human instincts. Although I have realized this to some extent, I still lack sufficient knowledge and funds to accumulate enough Bitcoin based on my judgment. Studying Bitcoin during a bearish market will be more valuable to you if you haven't yet accumulated enough. 2. Do not leave Bitcoin on exchanges - During a bearish market, some exchanges will inevitably collapse. FTX was not just some random exchange; it was the world's second-largest exchange after Binance. Trusting FTX was considered common sense. Cryptocurrency has demand in underground economies and is used for money laundering, and there are forces that benefit when exchanges collapse. Domestic exchanges are obviously risky, and even Binance should not be trusted. Therefore, at the very least, prepare a cold wallet in advance. 3. Be cautious with MSTR and mining stocks - MSTR currently has a premium of around 2x, but during a bearish market, it could receive a reverse premium of 30-40%. While it’s uncertain if this will happen again in the future, it did during the last cycle. You might feel that the current MSTR premium is natural, but with Bitcoin ETFs now available, demand during a bearish market might lean more toward Bitcoin spot or ETFs. Unless you are an institution like a national pension fund that cannot buy Bitcoin directly, I don't see much reason for individuals to buy MSTR. - Be cautious with mining stocks like MARA, RIOT, CLSK, and HUT. These companies spend heavily on administrative expenses and frequently issue offerings. Mining stocks, which have mining costs, can essentially be seen as perpetual Bitcoin call options. Many of these mining stocks are still far from their previous highs, even when Bitcoin prices surpass $60-70k. Judging solely based on Bitcoin's price could lead to significant losses. Be especially careful with small mining stocks priced around $1 per share. 4. Do not trust any altcoins - Looking back, the Anchor Protocol of Luna/Terra seemed absurd, but at the time, most people didn’t think so. With expectations for Korean stablecoins, there were many Luna enthusiasts on Twitter with wizard-like profile pictures. The Terra Foundation was attempting to stockpile Bitcoin as a strategic asset, and if they had accumulated enough Bitcoin before being attacked, they might still exist. How many people predicted Luna's collapse? Even now, Tether, which everyone trusts, has become stronger due to its holdings of U.S. short-term bonds, but pegging issues always arise during bearish markets. Do not trust any altcoins. 5. Remember that you must endure for at least 4 years - Holding Bitcoin at any given moment might seem easy now, but many long-time Bitcoin maximalists have endured for 4 years. To become a Bitcoin maximalist, you need close to 4 years of patience. If you start at Bitcoin's bottom price, you are likely to sell at the peak and then wait for the next bottom. If you buy at the peak, you will experience a decline and wait for the next peak. While the former might seem better, selling Bitcoin makes it extremely difficult to accumulate the same amount again due to the curse of quantity. This time must be endured, and while it might seem easy now, it is by no means an easy process.