#加密市场回调

This is not a technical correction; it is a typical moment when smart money starts to flee, and dumb money has just been trapped.

1. Hot money fleeing, scams going to zero: This round of correction directly exposes that 99% of coins have no value; the surge relied entirely on storytelling, and now no one believes it anymore.

2. Regulatory crackdown, faith cooling: The U.S. stablecoin bill is on the verge, and the entire crypto market feels like it has been 'acupressured', even DeFi is silent.

3. Institutions changing their stance, market vacuum: After the ETF launch, the 'cash-out party' is over, leaving behind high-position chips with no one to take them and investors being cut down.

The correction is not the end, but the beginning of the 'second half of the false bull market':

Rising relies on fantasy, falling reveals the truth—this round of correction has just begun to clear the market, and the real bull market consists of coins that survive after a round of death.