The paper proposes a classification of BPS states in holographic CFTs into monotone and fortuitous categories based on their behavior in the large $N$ limit. Monotone BPS states form infinite sequences with increasing rank $N$, while fortuitous ones exist within finite ranges of consecutive ranks. The authors define these categories using supercharge cohomology and conjecture that under the AdS/CFT correspondence, monotone BPS states are dual to smooth horizonless geometries, and fortuitous ones are responsible for typical black hole microstates, contributing dominantly to the entropy. They provide evidence for these conjectures in $\mathcal{N}=4$ SYM and symmetric product orbifolds. The paper also discusses the structure of holographic CFTs, the concept of holographic covering, and the relationship between BPS states and the quantization of classical moduli spaces.The paper proposes a classification of BPS states in holographic CFTs into monotone and fortuitous categories based on their behavior in the large $N$ limit. Monotone BPS states form infinite sequences with increasing rank $N$, while fortuitous ones exist within finite ranges of consecutive ranks. The authors define these categories using supercharge cohomology and conjecture that under the AdS/CFT correspondence, monotone BPS states are dual to smooth horizonless geometries, and fortuitous ones are responsible for typical black hole microstates, contributing dominantly to the entropy. They provide evidence for these conjectures in $\mathcal{N}=4$ SYM and symmetric product orbifolds. The paper also discusses the structure of holographic CFTs, the concept of holographic covering, and the relationship between BPS states and the quantization of classical moduli spaces.