US non-farm payroll data underperformed expectations, but global risk assets are leading the charge—gold, silver, and copper hit all-time highs, A-shares and US stocks frequently breaking new peaks, only the crypto market seems somewhat subdued. Bitcoin's recent performance has been volatile, and altcoins are struggling even more, with capital flows clearly diverging from the crypto space.

Speaking of hot topics in recent years, meme coins have attracted attention every year, but have you noticed? The market cap of newly emerging meme coins is getting lower and lower. The enthusiasm for capital inflow has noticeably declined, and some investors are even losing interest in entering.

Look at the real situation in the market: according to the 80/20 rule, 2% of players are making money, while 98% are continuously losing. Those who are profitable have shifted their focus to asset allocation and diversification; meanwhile, the losing group has often invested their entire assets, and in the end, can only leave in disappointment.

This creates a vicious cycle—funds inside the market continue to flow out, leaving only the remaining capital to make the final digestion. Market vitality is gradually waning, and this may be the most authentic reflection of the current situation.