I personally judge the market heat and use the lending rate as an indicator. The lending rate reflects the supply and demand relationship. When the demand for digital currency in the market increases, the lending rate will rise. Anyway, the lower the interest rate, the greater the supply. In the BTC surge, the lending rate of USDT on Binance is as high as 10% 20%, and some platforms are even higher, which shows that large investors are optimistic about the market and expect the rise of Bitcoin to far exceed the interest on borrowing USDT. In contrast, the current lending rate of USDT has dropped to less than 2%, which reflects the pessimistic market sentiment and the lack of obvious market fluctuations. Another indicator is to look at the attitude of the exchange towards the market, that is, the frequency of listing new coins. Binance is the exchange with the best liquidity and the most influential exchange. Its attitude towards the market is the most clear. When the big guys shout BUILD, BUILD every day, the exchange has greatly reduced the speed of listing new coins, which also shows that the market heat has dropped and the funds in the market have no obvious trading interest. For project parties, it is risky to list on the exchange during the market downturn and it is difficult to get an ideal valuation. At the beginning of the year, 3-4 new checks were listed every month, but now it is difficult to list 1. During the downturn, I also focused on BUILD and paid less attention to the market. There was nothing interesting to see, so I might as well improve myself and wait for the next bull market to come.