Attribution is very necessary.

When the market is bad, there are many reasons worth discussing. Among them are all sorts of bizarre and sensational stories.

However, during a downturn, the vast majority are not caused by wrongdoing from exchanges. Just look at the recent pump of the golden dog; which one hasn't dropped straight down after a couple of days? You're not being cut by the project team, but rather by other retail investors who made money. It's the same end result.

In this round, the majority of tokens listed on exchanges and the wealth effect they create are not as good as on-chain; retail investors are also going on-chain to pick up money, and the wealth effect within exchanges is a common issue. To attribute the weakness of tokens to the listing process of the exchanges is itself quite far-fetched.

I feel that the high valuation of new coins on exchanges this round is a common issue, and half of it is determined by market sentiment; when the market goes down, it becomes a process of bursting bubbles.

I still hope everyone short sells together. Only by short selling vigorously can we clear out a bull market. If all the bulls are going long, losing money and cursing while continuing to average down, it won't help the market perform better; rather, it will just deepen the decline. 😄#比特币四年周期将改变？