Change that to "95% of crypto investors don't understand crypto" and you've got it.

Betting with the momentum works unless (A) you're a latecomer to a ponzi scheme, or (B) there's a reversion that catalyzes longstanding doubt about an asset that has enjoyed a bull run. Both of these cases may well be applicable to a large portion of the overall crypto marketplace.

More simply: "Betting with the momentum works until it tanks."

Or (C) you don't have a crystal ball that tells you when to get out before the inevitable collapse.

Tell that to investors in Fitbit or Palantir (for example) before they sold off after having good "momentum". Crypto investors don't even understand crypto, but that doesn't mean anything, because you can be left holding a long term bag whether you understand the underlying asset or not.

If you actually understand a "momentum" asset, you will definitely not be left holding the bag.

If you actually understand "investing" you will understand that you can't beat the indexes and are doomed to failure by trying to use "momentum" to do anything other than lose money.

Please elaborate?

"Momentum" is bullshit reasoning to buy anything as volatile as crypto. The only reason investors struggle with crypto is because it has no "fundamentals" to analyze.