The current state of the business model in the crypto circle is quite disheartening. The once-glamorous practice of issuing tokens has now become a tool for pulling the wool over investors' eyes—issuing tokens, dumping the market, and repeating the cycle. An increasing number of voices point out that among the existing token projects, only a few are truly valuable; most are just market trash.

This reflects a deeper underlying dilemma. The altcoin market is nearing saturation, with fewer and fewer new investors willing to take the plunge. Investors are beginning to think rationally: Can buying coins really make money? Or is this just another meat-cutting game?

When all the enthusiasm has drained away, where does the real impact lie? This question remains unresolved. Currently, there are no more than 10 assets in the entire crypto space that can be considered "tradable," and what about the rest? They are either reduced to worthless paper or waiting for a miracle. How much of a long-term impact this will have on BTC’s trajectory, I’m afraid only time will tell.