Two weeks have passed. I wonder what will happen next.

This bull and bear market is very different from the 20-24 year cycle.

It is not like the big bull market in 20-21 (unlimited QE).

It is not like the bear market in 21-22 (industry leverage cleanup).

- Structured bull market: A small number of tokens may have market-making plans and funds, so they can rise; most projects have exhausted their funds and expectations in the past three years, and it is difficult to pull up the market again (the standard is some public chains, defi and gamefi projects that were financed in the last round of bull-to-bear financing). Here I would like to praise the awesome project parties such as manta and alt layer. They are in the right place at the right time and with the right people.

- BTC ETF: Americans are not stupid either, they only buy BTC; they have a low preference for copycats.

- Exchange strategies are conservative under the regulatory background: there are very few attempts such as Binance on Spaceship and OKX on Shib, and there are basically no Ponzi projects that last for more than a month.

- High FDV and low circulation: This is the specialty of FTX and SBF. People and exchanges of this generation seem to be unable to handle it. New coins are supposed to be a good show in a bull market, but this time they are particularly rubbish, especially OKX new coins. Most of Binance's new coins can still be pulled up, but OKX's new coins are all rubbish VC Chinese who only come to reduce their holdings. The biggest problem encountered by copycats: the last round of project owners and investors carried out dumping and reduction of holdings (because they were burning money to death), and a large number of VC projects are still waiting to be listed, so we have to wait for these projects to end. After that, there may be a market.

At the same time, pay attention to high financing, exchange sulfur 👗: xntm566 recent financing and fast coin issuance projects and chain big dealers, these projects still have money, others may have been desperate.

There will still be opportunities to buy new stocks, but the winning rate will not be very high, it is recommended to take a break.

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