The recent violent fluctuations in the price of Alpaca Coin reflect the structural dilemmas in the cryptocurrency market:

1. The liquidity of the spot market has dried up.

The current market lacks a clear mainline, and old altcoins generally face delisting risks, with extremely low depth in spot trading. The accumulation of trapped positions has led to the withdrawal of main funds, the traditional 'speculating on expectations' model has failed, and the market has fallen into a state of 'no theme to speculate on, no incremental funds' stagnation.

2. Zero-sum game on the contract battlefield.

After the spot market receded, high-leverage contracts became the main battlefield for funds. The long-short game has detached from fundamentals and evolved into a pure mutual liquidation of existing funds—strong short selling will trigger counter-attacks, and price fluctuations are extremely amplified. Under this 'gambling-style' game, the market resembles a 'cryptocurrency version of Auschwitz,' where the only survivor is the extreme financial power that has completely harvested the shorts.

3. The vicious cycle of market ecology.

Low market cap coins become shorting targets due to low pull-up costs, but shorting will attract larger funds to counterattack, forming a 'long-short strangulation' deadlock;

- The exhaustion of spot liquidity and intensified contract harvesting further leads to the collapse of market confidence, resulting in a deadlock of 'no one to接盘 for hot altcoins, mainstream coins lying flat and waiting'.

The essence of the current market is the jungle rule of 'the flow of funds determines the direction of the scythe':

For ordinary investors, holding mainstream coins in spot (staying away from high-volatility altcoins), avoiding contract leverage, is the way to survive across cycles;

Beware of any 'get-rich-quick' narratives—when the market is left with only speculation and harvesting, after the tide recedes, only the naked swimmers remain.#山寨币ETF展望