This round of the market has led many to ask me if this is the final疯狂 of crypto. My view is a bit different——this might be the last bull market where you can make money blindly just by relying on pure sentiment. True veterans are now choosing to reduce their positions and exit, not because they are pessimistic about the industry, but because their old strategies have completely失效. Telling stories, chasing hot topics, and going all-in on meme coins—using these tactics now is just giving away money. The underlying logic of the market has changed, the track has shifted, and many people haven't realized it yet.

The crypto market used to be an amplifier of emotion. As long as the hype was enough, the narrative was widely accepted, and liquidity was sufficient, whether there was real value or not didn't matter—someone would always take over the position. This emotion-driven approach was destined to fail today. Just look at the performance of this round of MEME coins—no matter how they hype up sentiment, they can't replicate the mindless爆击 of earlier years. To be honest, it's not that everyone's luck has turned worse, but that participants have matured. Having gone through so many cycles,踩过坑, paid tuition, and self-corrected, who would still foolishly invest the same money twice?

The rules of the game in this new era have been彻底反转. The market no longer listens to loud喊声, but focuses on three硬指标——real需求, cash flow, and实际使用率. This is more like a成熟的资本市场, not a casino. The定位 of MEME coins and various妖币 has also become明确——they are now short-term trading tools, no longer时代红利. Sentiment-driven行情周期 are getting shorter and shorter, with smaller and smaller波动幅度, making it difficult to stir up大风浪 again.

More importantly, institutional力量 has come in and changed everything. Top giants like贝莱德 and富达 entering the market bring专业化的风控 and仓位管理, smoothing out market fluctuations, and prices now reflect more fundamentals than短期炒作. The future belongs to those willing to evolve. Those who can远离纯叙事的空气币, treat MEME coins as短期工具 rather than长期持仓, and focus on projects with实际应用 and现金流, will be able to survive longer in the new bull market.