The current cryptocurrency market is a stark contrast to the heaven and hell difference before 2020. Between 2017 and 2022, whenever a bull market arrived, various tokens would spark a 'chaotic dance' — any given token could soar by thousands or even tens of thousands of percent, and with a bit of luck, investing a few hundred could yield a profit of one or two thousand after a good night's sleep. However, the gameplay in 2024 has completely disrupted this rhythm: throughout last year, only Bitcoin made significant progress, and even mainstream coins like Ethereum and Solana could not escape the fate of shrinking market value.
By July, more than half a year has passed. Altcoins have been declining steadily since a slight rise last year, with most tokens hitting historic lows. Some issuers even directly 'cleared stock' at rock-bottom prices and fled with the funds. Exchanges had actually noticed significant market changes since the second half of last year and changed their strategies: they crazily issued various fake concept tokens, releasing hundreds in a day if possible. These tokens often have high openings followed by a sharp decline until all chips are sold, then they rebrand and issue new tokens, using old tricks to continue harvesting retail investors. This madness did not begin to subside until early 2025 — by then, many retail investors had finally 'woken up,' with some leaving the market and old players continuously withdrawing, with nearly a hundred thousand people withdrawing from a certain exchange in just one day.
Looking ahead to the exchanges in 2025, they must have felt an unprecedented survival crisis. The cryptocurrency market has neither fresh blood injected nor is it retaining old users; while Bitcoin is manipulated by large capital, the major exchanges that once held market power have also lost their dominance, leaving them with participation rights no different from ordinary retail investors. The exchanges, surrounded by crises, face a challenging future, and the fantasy of retail investors becoming rich overnight has completely shattered. It is important to know that 'getting rich overnight' was once the biggest 'dream' in the crypto world, a spiritual stimulant heavier than Bitcoin, which has now become ineffective.
