I've been playing with BTC for nine years, and I have to talk about the current cryptocurrency market.

Right now, the crypto market is like a magnified version of cancer stocks, with no narrative games and outside investors not coming in to take the bait. Most coins feel like they are just there to scam money.

The profit period for the crypto market is long gone, and making money is difficult. The leading cryptocurrency, Bitcoin, hasn't outperformed the leading U.S. stock Nvidia, and ETH hasn't even outperformed the platform coin BNB, while BNB hasn't outperformed Coinbase's stock. So how can outside investors enter the market?

In previous rounds, there were grand narratives and good altcoins, creating a spiral upward model similar to U.S. stocks, where selling them might mean you can’t buy back. In this round, selling usually allows you to buy back at lower prices, like a magnified version of cancer stocks.

Now there are a bunch of public chains in the crypto market, many with market values of several hundred million or even billions of dollars. Foolish VC funds invest hundreds of millions in public chains, only to siphon off tens of billions in the secondary market. What market can withstand this kind of turmoil? Those high-market-cap junk coins that keep reinventing the wheel often have hundreds of millions or even billions of dollars in FDV right off the bat, directly unlocking and cashing out.

Most coins have dropped significantly and haven’t even had their spikes. It's now a slow climb and a fast drop, with the declines leaving people dumbfounded. Insiders don’t believe it, and outsiders are even less likely to enter. Once they go live, they harvest, and investors cry out. Most altcoins seem to have market values in the hundreds of millions, but high leverage makes them targets.

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