Recently, many people are asking:
What's happening with this round of the bull market?
If we say there is insufficient liquidity, that can be reluctantly considered a reason, but it's really not the main cause.
What truly kills the market is overvaluation.
In the last bull market, when a new coin was launched, having a market value of tens of millions or even one billion USD was considered high.
But this round is different—starting with valuations of several hundred million or even several billion USD, directly draining the market's liquidity.
Think about it, the money has been taken away by the primary market in advance, how much can retail investors keep in hand?
By the time the secondary market opens, the price has already been raised high, and those coming in later can only buy at a high price.
The result is: before the market even heats up, everyone has already run out of bullets.
This is not a coincidence; it is a structural issue.
The primary market acts like a pump, drawing away the capital that should have flowed in the secondary market, turning the secondary market into a 'graveyard for buyers'.
This is increasingly similar to certain practices in the A-share market—it resembles a financing market more than an investment market.
Before this structure changes, trying to replicate the previous situation where 'copycat bulls' bloomed everywhere is basically hopeless.
At most, you can only wait for a structural short bull or a big player bull, where the market comes quickly and leaves just as fast.
If you do not adjust your investment methods and strategies, it will become increasingly difficult to survive in this type of market.
Because the logic of money has changed—previously everyone worked together to enlarge the cake, now a few people cut away the largest piece in advance, and the remaining people scramble for the crumbs.
Therefore, seeing this truth is not for complaining, but to change our thinking.
Don't expect a widespread bullish market to come from nowhere; first learn to find your own way to survive and profit in a purely financing market environment.
This round has no bull market; it's not a coincidence, it is determined by the pattern.
The bill always has to be paid.
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