It may have started in 2021 that the underlying structure of the crypto world quietly changed, but most of us didn’t notice. The changes from 2021 to 2023 make it no surprise that the crypto world encountered difficulties in 2024.

In the bull market of 2021, the crypto market suddenly plummeted by 50%, and the market was in despair. Who would have thought that from September to November, BTC would sharply break through its historical high again? This is clearly not the same crypto world as before; the manipulation techniques of massive capital have become increasingly complex and are developing towards exploiting retail investors.

In the bear market of 2022, there were explosive events. The LUNA token, which was among the top 10 in market capitalization, dropped from $90 to $0.00004 in just a month. It was unprecedented for a mature secondary market to go to zero in such a short time. This is not something that can be caused simply by retail investors and institutional selling pressure. Shortly after, FTX collapsed, and the founder of Alameda was sued.

By 2023, the crypto world has transformed into a casino. When the market is good, if you dare to heavily invest in trending topics and new concepts, you can basically make money, like the Hong Kong sector at the beginning of the year, and later segments like inscriptions and MEME tokens. However, value investing is increasingly undervalued; who can clearly explain the value of 'value coins'?