The crypto market and traditional stock markets share an interesting commonality—the information gap is always the most profitable game. However, in the Token space, this phenomenon is especially pronounced. Aside from a few projects with directly endorsed Tokens that can profit from fundamentals, most gains actually come from arbitrage based on information asymmetry. More realistically, there are close利益关系 between some market participants, project teams, and market makers. They access information faster and with higher quality than retail investors, which also explains why the market constantly repeats the same patterns. This structural contradiction is amplified in a bear market and is the fundamental reason why many people cannot achieve stable profits.