Offshore funds are lining up to enter the market, and this is no longer just industry rumors. A few days ago, I was chatting casually with friends involved in institutional investing, and they clearly said that now the money overseas is all waiting for an exit. Sitting on continuously devaluing fiat currency is pointless; it’s better to take a chance. Frankly, this wave of market activity is essentially driven by macroeconomic factors.

Some might ask, isn’t crypto an independent market? Why does it still have to look at the central bank’s stance? That idea was valid five years ago, but now? It’s long outdated. Just look at the data from the past two years — a policy shift by a certain country’s central bank directly triggered a surge in the crypto market. During the tense trade situation in 2019, Bitcoin shot from $3,000 to $13,000 in one go, which is the most direct proof. Macro economy has become the behind-the-scenes manipulator of the crypto market; bypassing it is simply not realistic.

But what’s the biggest difference between this round of market and the peak in 2021? Back then, it was an era where “buy blindly and make money.” Now, it’s different. Altcoins are exploding in number, but funds are more selective — they only pour into projects with a story, real ecosystem, and active communities. I recently observed an interesting phenomenon: projects with frequent team-user interactions and high community engagement, even if their fundamentals aren’t top-tier, can still outperform similar projects in gains. In a liquidity-rich environment, consensus and sentiment often matter more than the technology itself in determining price movements.

However, there’s no free lunch in the world. The real risk isn’t market corrections but stepping into air coins. I’ve seen too many people brainwashed by the phrase “high returns,” throwing money into projects with no real business, only to end up losing everything. This lesson is deeply ingrained.