The secondary market, with strong intervention and standardization from the United States, should return more to the primary market in the future of Web3. Although I also engage in secondary trading, retail investors have long only been on the receiving end in the secondary market.

In the primary market, we understand to look at the top ten holdings' market share and know that we cannot participate in the plates where the big players hold a lot, but how many strong coins are there in the secondary market? Whether in the primary or secondary market, strong coins and insider trading exist, but they are more rampant in the secondary market.

Most retail investors in the secondary market are just cannon fodder for speculation, and most of the few who succeed are either due to large cycle results or leveraged bets. Just follow the large cycle trends, and if you gamble all in, it’s about luck; frequent trading ultimately leads most to zero.

The event of 1011 shows that retail investors and even small institutions are really no match for big players before they draw their lines. You want to make money, but to the main force, retail investors are just chips, there's an information asymmetry, it's a dimensionality reduction attack, it's speculation (or there is no speculation, just one-sided slaughter).

Additionally, the United States is spearheading efforts to promote cryptocurrency taxes in other regions. In a sense, it has already succeeded in forcing Asians to wash out. Selling crypto assets in the U.S./Europe requires taxation, and this wave of pullback is more about the free trading Asians handing over their chips and cutting themselves. Once the Bitcoin chips are redistributed, the crypto market will be dominated by Wall Street. I believe that Bitcoin's independence will become increasingly evident in the future; it's Bitcoin's own bull market, the spring for institutions, not Web3's bull market, nor the spring for retail investors.

The recent surge is something everyone has witnessed; Bitcoin's frenzy and the disappearance of altcoin season are because more professional players have entered the game. Retail investors are accumulating positively, their understanding is improving, with Ethereum stuck at 3500, 3000 increasing positions and 3300 breaking even. Retail trading is also developing systematically step by step, making it more difficult for the big players to harvest.

My view on the secondary market is to wait for a certain structural confirmation to at least make 4-hour level orders. A certain structure and increasing levels are equivalent to double sacred shout-out memes—certainty! Small-level market conditions are chaotic like the primary market without hot trades; if you can’t trade, there are no results, and it will gradually wear down your chips.