Odaily Planet Daily News Dragonfly Managing Partner Haseeb Qureshi published an article on the X platform titled "Why are all these low float / high FDV coins down bad?", which is about the general poor performance of the "low circulation / high FDV" tokens recently launched on Binance, triggering discussions on whether the market structure is broken, whether VCs are 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 VCs and retail investors turning to Meme coin 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 issues on its own. The main reason for the decline in token prices was 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.