Are we early… or just exit liquidity?

Sometimes I wonder if we're really "newbies" to crypto… or if liquidity is only available to those who got into it long before us.
It's the same story every cycle hype builds, new things emerge, everyone says "this time is different"… and then reality sets in.
Not saying crypto is over (not at all), but it seems that understanding when not to participate is more important than chasing every trend.
I'm curious to know how others here see it are you still accumulating or just playing for short-term moves?