At three o'clock in the morning, I opened my crypto wallet for the 17th time. Looking at the 'value coins' that have shrunk from three digits to two in my account, I can't even afford to add an egg to my instant noodles. This is certainly not an isolated story — the crypto landscape of 2024 is more brutal than the world of The Three-Body Problem, with Bitcoin ETFs passing all obstacles, and traditional institutions entering the market with real money. The once chaotic altcoins are now undergoing the bloodiest massacre in history.

When the market starts to talk about 'adult logic', the asset management teams from Grayscale and BlackRock have suited up and entered the crypto circle, bringing not only billions of dollars but also Wall Street's jungle rules. Coins that used to rise 50 times by riding on hype are now being exposed under the regulatory hammer. Regulatory swords hang high, and the wave of delistings from exchanges is intensifying; even air coins can no longer be inflated.

Every bear market buries 90% of the bubbles, and the remaining 10% of hardcore players are the tough characters rewriting the rules.

Modular blockchain is reconstructing the competitive landscape of public chains, and DePIN projects are moving computing power and storage resources onto the chain. Even MEME coins are evolving, with the combination of community token economics and practical scenarios gradually emerging.

Throw away the gambler's mentality of 'if it goes to zero, it's like buying a lottery ticket', focus on the real yield traps, and learn to recognize valuable opportunities through the eyes of traditional capital — when Merrill Lynch starts making a market for a certain L2 project, it is often more persuasive than 100 KOLs shouting out their picks.