The new normal of the future currency market, what is the new normal is that it is polarized like the US stock market, and the Matthew effect is obvious: the good ones are better and the bad ones are worse. This itself is the embodiment of the market effectiveness as the market size is getting bigger and bigger, and investors are getting more and more mature (more mature external investors enter, and existing internal investors are repeatedly educated).

Looking back at the history of the traditional capital market for a hundred years: the most growth-oriented (narrative) and certain targets will definitely attract the most attention and funds, and most of the remaining stocks in the market will become obscure and become toys for a few capital masters (think about where the "penny stocks" and "shell kings" of Hong Kong stocks come from, and the SPAC gameplay of US stocks back then)

Everyone used to imagine that the cottage season was a chicken and dog rising to the sky. In fact, the cottage season in the future may be limited to the leaders of those main narrative logic sectors, and then most of the small coins may be a wave, coming and going quickly.

In the past, the investment in the currency market focused on timing (the bottom of the big cycle or the starting stage of a big market, and the small coins soared after the big cake led), and in the future, timing and currency selection will be equally important (the importance of target screening is far greater than before)