In the current cryptocurrency market, the "money shortage" has become the sword of Damocles hanging over our heads. Without capital injection, all ideas about rising coin prices and market prosperity are just castles in the air.

Looking at the supply side, it has become a flood. Today, the number of cryptocurrencies has reached over 30 million, with hundreds of thousands added every day. It's worth noting that during the 2017 bull market, there were less than 3,000 coins in the market, and their scarcity concentrated capital, making it easy for coin prices to soar. In the 2021 bull market, despite the explosive growth in the number of coins, capital was still relatively abundant, allowing hot narratives to take turns driving the market. However, by 2024, with over 30 million types of coins, the market has completely spiraled out of control, with too many monks and too little porridge, leading to dispersed capital—who can still rise?

The era of hot narratives has also come to an end. In this round of bull market, apart from Bitcoin, there is hardly a second hot topic that can widely drive the market.

Moreover, the disappearance of retail investors has dealt a fatal blow to the market. For altcoins to increase in price, they relied on retail investors constantly entering the market to take over. But now, institutions only favor Bitcoin, and American retail investors can directly buy Bitcoin ETFs, completely looking down on altcoins. Retail investors in the cryptocurrency sphere have been drained by NFTs and meme coins, leading to capital depletion and a loss of fighting power. Without incremental capital, the altcoin market is like a stagnant pond, devoid of life.

Everyone must recognize the reality; the cryptocurrency market has undergone significant changes, and the rules of the game have completely transformed. In the future, if one wants to achieve something in this complex market, one must reassess and adapt to this entirely new situation.