How short is the memory of the #特朗普加密货币政策新方向 market?

When the market crashes, keyboard warriors collectively transform into prophets: "I've said this thing is just a game of musical chairs all along." When the K-line turns red, the same group of people have their eyes green and rush into the market faster than anyone else. In my eighth year in this industry, I am already immune to this kind of script—however, the truly valuable things often become clear only when the mud and sand settle.

Stop staring at the fluctuations all day; prices have never truly reflected the present. They're a collective bet by a group of gamblers on the future. The so-called bear market is essentially an elimination round: when FOMO (fear of missing out) subsides, all the air coins explode, and the teams that are actually doing real work come to the forefront. Just like the current round of consolidation in 2025, it looks bloody on the surface, but in reality, it's the entire sector undergoing a detox process. Looking back at the internet crash of 2000, many .com companies that relied on PPT hype went belly up, while those that survived became today's industry pillars.

The crypto world is like a documentary on the internet that has been fast-forwarded; leverage and liquidity have compressed all the plot lines, but the underlying logic of technological iteration has not changed: bubbles are not bugs but features, specifically responsible for sweeping out speculators and filtering out those who truly build infrastructure and ecosystems. Currently, the speed at which projects are issuing tokens on the market is faster than user growth, but how many of them can successfully run a closed commercial loop? This does not mean the industry is doomed; rather, it needs a change of blood.

A bull market is a carnival where anyone can ride the wave; a bear market is a money tester, revealing whose story can't stand scrutiny. Don't rush to shout "the winter is coming"; when the water level drops, the technical accumulation and genuine consensus that have settled at the bottom of the lake will be the foundation for the next cycle.

I have a question for you: After this retreat, who do you think will go from being the "unlucky one caught naked" to becoming the "helmsman leading the team out to sea"?