The current cryptocurrency market is completely a heaven and hell compared to before 2020. From 2017 to 2022, every time a bull market arrived, various coins, big and small, would experience a chaotic dance, with random price increases reaching several thousand or even tens of thousands of percent. When luck is on your side, buying a few hundred dollars worth could earn you ten to twenty thousand overnight... This kind of bull market has been completely disrupted by the gameplay of 2024. Throughout last year, Bitcoin surged rapidly, and mainstream coins like Ethereum and Solana could not escape the fate of shrinking market value.

Now, in July, more than half a year has passed, and altcoins have been continuously falling since their small rise last year. Most coins have dropped to historical lows, and some issuers have directly liquidated their assets at rock-bottom prices, running away. The exchanges also predicted significant changes in the market in the second half of last year, changing strategies to crazily issue all kinds of false concept junk coins, sometimes issuing dozens a day, opening at high prices before falling all the way until they sell out. Then they restart the process with new coins, using old tricks to continue harvesting retail investors, until early 2025 when various retail investors were awakened, and many old players who exited the market withdrew their funds. Within a day, nearly 100,000 people left a certain exchange, and at this point, the frenzied issuance of new coins began to taper off.

I think by 2025, exchanges will also feel an unprecedented survival crisis. The crypto market has lost its fresh air source, while also accelerating the loss of old air. While Bitcoin is manipulated by big capital, the major exchanges that once held control have now lost their voice, only possessing the same participation rights as ordinary retail investors. Today, surrounded by difficulties, exchanges face numerous crises in the future. The fantasy of retail investors becoming wealthy overnight has completely shattered; the biggest lure in the cryptocurrency world is the dream of instant wealth, a thrill heavier than Bitcoin itself which has now lost its potency.