This post highlights a common cognitive bias in crypto investing: investors tend to focus on circulating market cap (lower valuation) when they hold a token (bag) and fully diluted valuation (higher valuation) when they are not invested (sidelined). This isn't an actionable insight for a specific trade, but rather a reminder to be aware of how personal holdings can skew valuation perspectives on crypto assets. Investors should objectively assess both metrics regardless of their position.