According to BlockBeats, on May 20, Haseeb, managing partner of Dragonfly, published an article on the social platform, "Why are all these low float / high FDV coins down bad?", which is about the general poor performance of "low circulation / high FDV" tokens recently listed on Binance, which triggered discussions on whether the market structure is broken, whether venture capital is too greedy, and whether retail investors are targeted. Haseeb believes that the current market decline is mainly due to the market's reduced risk appetite for new tokens, rather than the above reasons. Theories such as venture capital, retail investors turning to MEME transactions, and insufficient circulation do not hold true in the data. Haseeb suggested that market participants better adjust their expectations and strategies, believing that the free market will adjust price errors on its own. Haseeb believes that the main reason for the decline in token prices is the decline in overall market sentiment caused by geopolitical tensions in the Middle East in mid-April. The market's risk appetite for new tokens has decreased, and such tokens have been classified as "high-risk new tokens" and sold off.