Recent Status of the Cryptocurrency Industry:
1. Binance's listing has become chaotic, with spot contracts and IDOs being listed at lightning speed, 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/bankruptcies, with K-line flash crashes + liquidity disappearing. One reason is that the overall environment is so poor that it's hard to make money, and the other is that previously, BN's spot shells were very valuable, so project teams were willing to maintain them with real money during the bear market. Now, the rampant listing of garbage has completely diluted the value of these shells, so project teams are also unwilling to maintain them; when the K-line breaks, it just breaks.
3. The cryptocurrency market has entered a period of demand deflation, meme coins have cooled off, there is a lack of new narratives and paradigms, retail investors are fatigued by junk assets, and there is insufficient intrinsic demand within the industry. ETH, SOL, and BNB are all facing this issue.
4. Being held hostage by U.S. macroeconomic factors, when U.S. stocks crash, BTC will certainly crash; when BTC crashes, ETH and many small coins will certainly crash even harder.
