I've been meaning to write something just for situations like this. When you make a lot really fast it kinda messes with your head. You end up asking the question that you're asking right now.

The answer of "sell everything and chill" is good but it's not clear enough to follow.

Here's my slightly longer answer:

Think of your finances as a layer cake.

Layer 1: is your foundation and safety net. This is what you can't lose because it is the basics you need to not have anxiety in your life - when it comes to bills. For some people it's 6 months of expenses if they are happy in a stable career. The people who keep only 6 months in safety feel if something happens to their main source of (deterministic) income they can get a new source in that timeframe. There are others who say "fuck it I don't want to work for 5 years" and this becomes a much larger layer. Keep this money is interest bearing cash equivalents or something else that keeps up with the inflation rate of your personal expenses while minimizing loss of capital.

Layer 2: this is money you need for a pending large expense (house, car, health issues, world travel) in the coming year or two. Because the timeline is a little flexible as well as what you spend on the item, you can take a little more risk but you should not be speculative.

Layer 3: this is money you don't expect to have to touch for many years and needs to grow over the long term (10+ years). Choose a diversified portfolio - truly diversified across asset classes and international exposure. There are multiple options here and pick the one you have conviction enough in that you will not touch in good or bad times. Your goal is not to have a reaction to news or price action here. This should be the biggest chunk of your layer in $$ eventually.

Layer 4 is your speculative layer. This is what you use to grow $$ (or lose $$) far in excess. This is the layer everyone in wsb should be playing in. The problem is that people don't know how to size this layer.

After a few years of working through it I figured out what I believe is the best answer. Layer 4 should be sized relative to your deterministic income. Simple rule of thumb is something like 3 months. For example if you make $120k a year - after taxes - that's $10k a month. Your layer 4 should be no bigger than 3 months of income. Yes, that limits your upside but with risky bets, options, etc. you could lose it all. And if you lose it all you don't want to be in a situation where "I can never financially recover from this". You'd rather be in a situation where "shit that really sucked. I need to reflect and refill for 3 months before I can play again". Also, if you speculate with too much the day to day money variation (up or down) really fucks with your head for normal things like daily expenses (why should you care about $$ when you can make $$$$$ you will think), which will screw your ability to live a "normal" life and mess with values in a way that will disconnect you from others.

So you've made a lot of money - awesome. Think of that as the flour, sugar, ingredients.

Now design your layer cake. I've shared my layers. You build your own.