Why is it so difficult to operate in the secondary market this round? Why is it getting harder for knockoffs to rise?

The fundamental reason is that marginal liquidity has not improved. Global monetary easing has not added new capital, and the funds in the market have already been exhausted from trading back and forth, with no new money coming in.

You see exchanges frantically attracting people, and projects desperately holding activities; all this surface excitement is because everyone is competing for existing funds, and there is simply no fresh blood entering the market.

The biggest hurdle in the cryptocurrency circle right now is liquidity exhaustion —

There isn't enough money to support such a high market value; to put it bluntly, when you want to sell, there is no one to take over.

But looking at it another way, the current size of the cryptocurrency market is just a drop in the bucket compared to traditional finance,

As long as institutional funds are willing to enter the market, just this bit of incremental capital can absorb a lot of the token bubbles.

When the big funds from the traditional world truly come in, that will be the real beginning of a super bull market.