How many people woke up today to find the sky had fallen?
Damn, I'm the same, working hard every day, earning this little money isn't even enough to cover the account's decline.
It's obvious that since 1011, the spirit of the entire industry has been drained, and liquidity has been getting worse.
Although there may be occasional rebound fluctuations, the potential is becoming weaker.
Plus, a series of recent bizarre events make people feel that the cryptocurrency world is no longer sexy.
The word 'sexy' has been circling in my mind lately, but that doesn't mean I'm a pervert.
So-called sexiness is a very subjective idea. It refers to something that has a lot of imagination space, just like when you see a sexy woman, it generates strong interest.
The same applies to business; after experiencing this wave of turmoil, the crypto market has become very unattractive, even aging like an old pearl. Below, I will simply analyze it.
First, the unattractiveness of the crypto market is highlighted.
The cryptocurrency market has collapsed, but the U.S. stock market hasn't, so comparatively speaking, the crypto market is not attractive.
Aside from the crypto market, there are still plenty of opportunities in chips, computing power, nuclear energy, AI, biotechnology, gene sequencing, and even Sun Yuchen has started to play with hydropower stations.
While we are still chasing bubbles, real capital players have begun to invest in tangible infrastructure. From the perspective of future imaginative space, the crypto market has become unattractive again.
Outsiders feel that the people in the crypto market seem to do nothing but inflate bubbles. They are best at repeating the wheel — launching a coin, everyone rushes in, then it turns into a mess, and then they continue to launch the next coin.
The infrastructure of the crypto market is also continuing, but in the face of the grand narrative globally, it seems a bit insufficient, which is too unattractive.
Even the Koreans who love trading cryptocurrencies are no longer trading them. Do you know why?
Because the South Korean stock market is booming this year.
Even the A-shares that the crypto community despises have begun to rise, and the good performance of the stock market has led more people to go there. After all, it’s all gambling; why not bet in a market with good liquidity and performance instead of gambling in the crypto market?
So this leads to the next key point:
Second, shallow water with many turtles.
Compared to the tens of billions of dollars in investment in the real world, the capital carrying capacity of the crypto market seems very fragile. It’s not that big capital doesn’t look favorably upon it, but that they dare not enter.
Even in the face of interest rate cuts, halting balance sheet reduction, and the continued strength of the U.S. economy, the crypto market remains unresponsive.
With the liquidity you have now, I can come in and directly pump it up, and when I sell, I can directly crash it.
Just like Aster, CZ bought 2 million dollars, and a big bullish candle appeared. This amount is not small, but it’s not too much either. After it gets pumped up, a bunch of people sell, and it goes up and then comes back down.
Liquidity at this level can be described as shallow water with many turtles, which isn't an exaggeration.
The lack of liquidity and overall low market value make the industry very unattractive.
Third, the fragmented industry and the consensus of harvesting.
Let’s move on to the second point. You have already seen the problems facing the industry, but that is only the external manifestation. The internal issues are actually more severe.
I think this chart says a lot. Please take a look.
And this is just a divergence within the hair-pulling circle. The fundamental reason for the divergence is that the capital size is insufficient, forcing selective gambling.
The entire industry continues to split like cells, whether it's payfi, RWA, x402, Chinese memes, alpha, and other new concepts and sectors even on-chain funding schemes. The purpose of constantly creating concepts is to seize a leading position in the ecological niche, and once in a leading position, it's just to get listed on Binance or OK to reap the rewards as much as possible.
But from a biological perspective, this is more like the spread of cancer cells rather than normal metabolism.
We lack the ability to innovate, but we still have a strong capacity to harvest under the guise of innovation.
This reflects the current division and consensus within the industry. The division is in the attention to project tracks, while the consensus remains the age-old harvesting mentality.
So now, industry project valuations can't rise, and you all deserve to not rise; you have to bear the consequences of your own actions.
Fourth, when the crypto market becomes a cash cow.
A-Chuan's series of blatant acts of reaching into retail investors' pockets have already caused dissatisfaction among the legal community.
Just because everyone isn’t speaking up doesn’t mean they agree.
Just because everyone isn’t speaking up doesn’t mean they can’t.
We cannot deny A-Chuan's contributions to the industry. Without him, the compliance of the crypto market would be uncertain for many more years, let alone the current global trend and the bull market of Bitcoin.
But the problem is, you can't be so blatant and frequent in taking money, can you?
If you pay, that's one thing; now the family is also chipping in.
Finding B-end investors is one thing, but even market money is not spared.
No wonder people say that retail investors study K-lines while experts study A-Chuan.
Understanding how A-Chuan thinks means understanding how the market moves. This is simply too advantageous; A-Chuan is the signal light of the market.
So even if a woman is incredibly beautiful, once you get to know her, if you find that besides her beautiful exterior, she has no interesting soul, and her thoughts are not pure but full of issues, can your little brother still get up?
As the saying goes, observing beauty is like observing a skeleton. A knowledgeable elder will instinctively keep their distance, only a fool with lust will rush in and think they have caught a goddess.
In the short term, this is a necessary growing pain. The events of 1011 truly caused a significant amount of liquidity to be liquidated, and now other industries are severely draining liquidity, with safety issues also frequently occurring. Recently, I'm quite anxious about on-chain financial products.
But in the long run, after experiencing this wave of leverage clearing, sacrificing this wave of liquidity, there will be a good market next year.
After all, only poor people are left in this market. Over 300,000 people exploded 1.36 billion, averaging 4500 US dollars per liquidation, which is less than one-tenth of the visible data from the great liquidation in 1011.
(2025.11.5 Article)
