#数字资产市场洞察 The market landscape has changed drastically. The era when retail investors steered the ship with "emotional tides" is gone, and now the dominant force is the deep, inscrutable undercurrent of institutional capital. Let's take a look at the latest data—institutional funds account for nearly 70%, and they are buying in large amounts through channels like ETFs, firmly holding their positions. As a result, the inventory of Bitcoin at exchanges has fallen to a six-year low. Liquidity has been drained, and naturally, the pricing power has shifted.

The retail investor's old routine of "buy and lay flat" has completely failed. New projects are flaunting valuations of several billion, followed by a long wave of unlock and sell-off, and those who call themselves "long-termists" are, in plain terms, just sweet-talking the buyers. It's not that the retail investor's mentality has become restless; the truth is that the rules of the game have fundamentally changed.

So meme coins have become the spokesperson for "desperate resistance." There are no empty promises, no unlocking pressures; rises and falls are just that, pure and simple. At least here, in the short term, you can still find some seemingly fair gaming opportunities. But on the other hand, meme coins cannot establish any beliefs; they only squander beliefs. Essentially, it is a game of capital, not value investment.

The fundamental change is actually very simple: Bitcoin and Ethereum have become the "wealth havens" for institutions, while the remaining coins market has turned into a "high volatility amusement park" for retail investors. To live wisely, one may need to prepare in two ways – steadily holding "slow bull" assets like BTC and ETH, while maintaining a speculative calm and stop-loss discipline towards other opportunities.