Everyone is speculating whether BTC will fall to $40,000, or will it bottom out around $60,000, or will it soon break through $100,000?

The current market situation is different from the big bull market in 2020-2021 (unlimited quantitative easing) and the bear market in 2021-2022 (industry deleveraging).

Structured bull market: A small number of tokens may rise because of market plans and financial support; most projects have exhausted funds and expectations in the past three years, and it is difficult to pull up the market again (especially some public chains, DeFi and GameFi projects that were financed in the last round of bull-to-bear financing). Projects such as Manta and Alt Layer are worthy of praise, and they have performed well in the current environment.

BTC ETF: American investors are only interested in BTC and have little interest in altcoins. Exchange strategy under the regulatory background: Exchange strategy is conservative, and there are very few attempts like Binance on Spaceship and OKX on SHIB. 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, but the investors and exchanges of this session seem to be unable to handle it. New coins are good projects in the bull market, but this time it is particularly bad, especially OKX's new coins, which are basically garbage VC Chinese plates. Most of Binance's new coins can still pull the market, but OKX's new coins are all sold.

The biggest problem facing altcoins is the dumping and selling of projects and investors in the last round (because they are burning money to death). A large number of VC projects are still waiting to be listed, so we have to wait until these projects are finished before we can usher in the market.

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