The recent downturn in the cryptocurrency market is fundamentally not a "crypto crash," but rather a passive adjustment due to global capital resonance.
Traditional capital markets like the U.S. stock market and Nikkei have synchronized declines, and the drop in mainstream cryptocurrencies is still within the historically normal fluctuation range.
So I have never panicked from start to finish—this level of volatility,
from my perspective, is merely a necessary stage of "big players washing out and correcting."
Many people compare this to the cliff-like crashes of March 12 and May 19,
but this round is completely different:
This is a mild correction, not a panic sell-off.
The real severe volatility is concentrated in new projects and fringe tracks,
while mainstream cryptocurrencies still control the market's rhythm.
To put it bluntly: Liu Sheng has believed from the very beginning—
the cryptocurrency market will no longer have a season of mass imitation.
Because there is not enough liquidity.
In the current ecosystem, the number of projects has surged, but the quality is uneven,
relying on inflated valuations to sustain a boom, which simply lacks endurance.
Want to see the kind of tenfold or hundredfold market upsurge again?
Unrealistic.
The capital pool is just that big; even if the big players want to lift it, they cannot.
Once liquidity cannot support the inflated market value, a chain reaction is merely a matter of time.
Now, the cryptocurrency market is more like an inflated balloon—
too many project pools only have a few million to tens of millions in liquidity,
yet they dare to support a market value of billions.
This is a typical "small pool prying a big bubble" structure,
one rumor, one piece of data, or even a pin,
could trigger a chain risk.
Liu Sheng is not pessimistic, just clear-headed. $BTC