North America's recent wave of panic selling has really left people feeling quite confused. There are all kinds of voices in the market—some shouting "Crypto is done," others advising "Sell quickly to follow the trend." But I want to say, in times like these, the key is to stay calm. Over the years, I've seen many market fluctuations, and panic selling is definitely the most亏 operation. Instead of doing that, it's better to understand the new tax rules and prepare response plans. That way, you can survive and even profit in the upcoming market.

Why are so many people panicking and selling off? Honestly, it all comes down to two words: trouble. Retail investors hear that tax authorities have introduced new regulations, and when they see that they need to calculate costs separately, keep receipts, and that the system will automatically audit, they instantly get confused. After finally making some gains from trading, now they have to act as "accountants," and if they can't figure it out, they might have to pay additional taxes. So they just clear out everything to avoid the hassle, turning a blind eye to avoid stress. I understand this mindset, but there's really no need for it.

Today, I want to share some practical tips to help you handle this situation without having to clear your positions and still manage tax risks effectively. The key points are eight words: keep good receipts, clarify accounts.

Start doing this now. No matter which trading platform you use, keep records of every buy, sell, withdrawal, and deposit. This includes platform statements, blockchain transfer hashes, and proof of fees. The easiest way is to create a dedicated folder, categorized by platform and wallet, so you won’t have to scramble for documents when tax season comes.

Next, optimize your account structure. If you currently hold accounts on multiple platforms, it’s advisable to review and reduce cross-platform transfers. One approach is to keep long-term holdings in a self-custodied wallet, while concentrating short-term trades on a main platform. This has two benefits—first, transaction records are more centralized and easier to organize; second, transfer chains are simpler, making audits quicker to explain.

Another important detail is that different trading pairs or different cryptocurrencies may have different cost calculation methods. Some use the average cost method, others use FIFO. Since tax authorities are now enforcing stricter rules, you should decide in advance which method to use and stick with it. Once chosen, don’t change it arbitrarily, so you can explain it clearly during tax filing.

A common misconception is that if you haven't withdrawn funds from the platform to your bank card, no transaction has occurred. That’s not true. Cryptocurrency trades, mining income, airdrops—all these may need to be recorded. Any operation that results in new coins or changes in coin quantities should theoretically be considered for tax purposes.

My advice is to start taking action now. If your records are messy, reorganize them from this month onward. Download complete platform statements, match them with your wallet addresses, and create a clear spreadsheet. It may seem time-consuming, but compared to the fines and back taxes you might face later, that time is well worth it.

Markets will always fluctuate; panic selling is not the solution. Conversely, if you get your tax situation sorted out, it will lighten your mental load and allow you to view market changes more calmly. Stay calm—buy when it’s right, hold when it’s right. That’s the right way.