The magic of the crypto world has indeed faded over the past two years. Just look at the volatility—sometimes it’s even calmer than A-shares. The stories of overnight doubles are now history. What are new entrants facing now? Daily small dips, occasional rebounds that are quickly suppressed, and a pace so boring it’s unbearable.

Honestly, even professional gamblers have lost interest in this market. There’s no shortage of money in the market; what’s truly lacking are stories that can paint a picture and create dreams. In the past, project teams could attract a large number of participants with imagination; a 100x return was not a dream. Now? Even a 10% increase is rare.

The root cause is clear: the entire ecosystem has evolved from a speculative phase into a stockpile game. The early participants have long since made or lost their money, and newcomers can’t get in. The result is a game of PVP among institutions, especially with top assets like BTC. Retail investors in this situation? Basically, they are the ones being harvested. That’s why more and more people choose to watch from the sidelines rather than jump in.