Recent Status of the Cryptocurrency Industry:

1. Binance's listing policy has become chaotic, with spot contract IDOs rapidly launching new tokens, and the quality of new projects becoming increasingly outrageous. The reference market cap for spot listings has dropped to 100 million USD;

2. Small coins listed on exchanges are entering a wave of rug pulls/closures, with candlestick charts crashing and liquidity disappearing. One reason is that the overall environment is too poor to make real profits, and another is that previously valuable BN spot shells are now worthless, so project teams are unwilling to maintain them during the bear market. Now, the rampant listing of junk has completely diluted the shells, making them worthless, so project teams are also unwilling to maintain them, and when the candlestick closes, it closes;

3. The cryptocurrency market has entered a period of demand deflation, meme coins have cooled off, and there is a lack of new narratives and paradigms. Retail investors are experiencing aesthetic fatigue towards junk assets, and there is insufficient inherent demand within the industry. ETH, SOL, and BNB are all facing this issue;

4. Being hijacked by US macroeconomics, if the US stock market crashes, BTC will definitely crash, and if BTC crashes, ETH and a host of small coins will definitely double down on the crash.