The big pancake hasn't collapsed yet, but have retail investors' beliefs already crumbled? The next wave of destruction may be brewing.

Right now, many people looking at the big pancake only want one word: to break even.

But the market won't give you a dignified exit; it prefers to — first give hope, then give despair.

Once the emotional rebound is over, the true deep water zone is just beginning: the copycat coins may be cut in half again, which is not alarmism but a historical norm.

If the big pancake loses its critical zone, the real 'floor' hasn't arrived yet.

That wave that completely washes away retail investors' fantasies might happen in the next 1 to 2 months.

Remember this: Rising requires patience, while crashing happens in an instant. Earning is slow, losing is fast; this is the brutal truth of the crypto world.

Don't just watch the excitement; pay attention to the old leaves, they will help you understand what the main forces are planning.