The market is already in a Bear Market: from Liquidity exhaustion to an industry systemic crisis.

After several days of watching the market and doing project research, I looked up and the market had changed dramatically. Without further ado, let's get straight to the valuable insights:

Liquidity has long been drained

Since the wave from TRUMP, the money in the market has been sucked away like a pump. Those small rebounds afterward? To put it simply, they are all being supported by emotions and are not a real bull market.

Altcoins are burdened with debt as soon as they are launched

Do you remember those die-hard holders from before? They are gone. What about developers who were willing to bury themselves in coding? They have also dispersed. What is left now? Airdrop hunters are cashing out like crazy, VCs are eager to offload, exchanges are raking in profits, and project teams are struggling to break even after years of effort. Everyone wants to run, but who will take over?

MEME coins were supposed to be a lifeline

It indeed gained popularity for a while, becoming a weapon for retail investors against high FDV VC coins. But look at it now—zero technical content, the so-called “fair launch” is just packaging, and mass replication on an assembly line cannot support long-term value. Without the technological innovation of VC coins to support it from 0 to 1, MEME is just a PVP internal consumption game, which will ultimately hollow out the entire industry.

Exchanges Start “Snatching Jobs”

CEX was originally an amplifier for on-chain innovation. As a result, platforms like Pumpfun, GMGN, and Hyperliquid emerged, creating a wealth effect, causing exchanges to panic and start doing “internalization” for self-rescue. Those selling shovels have begun to mine themselves; how can gold diggers survive?

The Darkest Hour for Builders

Why are so many projects clustering around TGE? Why is no one willing to slowly refine their products anymore? Why is all the blame shifted to project teams and VCs? This question is too complex, but the massive bankruptcies and outflows of Builders and VCs in the crypto space are undeniable facts. What’s more terrifying than liquidation and going to zero is the entire industry being undermined, leaving people gone and buildings empty.

Writing too much has turned into complaints. But this is why I have always emphasized on-chain innovation -

Our Crypto is no longer the Crypto it used to be. It is sick, old, and even terminally ill.

Only a complete restart from scratch, driven by technology, can reorganize everything on the chain narrative.