Why has the "wealth creation effect" disappeared in the past few months?

The phenomenon of 'scythe-ization' and zero-sum games. This round of false narratives and the proliferation of air projects, with token distribution being highly concentrated (teams and VCs holding the majority), leads to huge selling pressure after unlocking. The market value management teams collude with exchanges to attract retail investors to buy in before quickly withdrawing their investments.

Additionally, there is a siphoning effect of funds, where market capital is concentrated in a few mainstream coins like Bitcoin, while altcoins lack sustained inflows of capital, resulting in an overall pessimistic sentiment and reduced capital inflows, creating a "liquidity trap."

Reject blind speculation, focus on underlying logic, and conduct in-depth research on project technology, ecological progress, and long-term vision, rather than short-term price fluctuations. Control risks, avoid high leverage, invest idle funds, and diversify allocations. Wait for cyclical opportunities; during a bull market, be ruthless and avoid excessive greed, and make sure to exit in batches.