What happened on October 11th? At that moment, many investors probably will never forget — margin calls, liquidations, and wealth evaporating in an instant. This incident, known as the "10.11 Event," is far more destructive than it appears on the surface.

The problem is not just about losing money. After that day, the altcoin market plunged into an unprecedented liquidity crisis. Large holders fled, market makers also cleared their positions at that time, leaving behind a group of disheartened retail investors. Some chose to cut losses and exit, others were deeply trapped, and most were just watching from the sidelines. Even when new funds occasionally entered, they only dared to invest in top-tier coins like Bitcoin and Ethereum — the investor base for altcoins has already shrunk significantly.

Ultimately, this is a trust crisis. Retail investors' confidence has been shattered, and to rebuild that trust, exchanges, whales, and project teams need to take real action — use funds to support the market and show signs of hope. Sounds ideal, right? But the reality is another matter.

Those institutions and large holders knew clearly what would happen next on October 11th, yet they still chose to execute their strategies. This is enough to show: they simply don’t care whether retail investors continue to play or not. Making enough profit is enough; rescuing retail investors doesn’t seem to be on their agenda.

Looking ahead, the crypto ecosystem may need to be reshuffled. Market makers, listed companies, and big players will continue to compete in mainstream coins, but the activity space for ordinary retail investors is probably really going to be squeezed into the corner.