Looking at the recent trading data, I truly feel a chill.

At the end of the day, it's still a money issue. Market participation has clearly declined, and retail investors have been thoroughly shaken out. Those who can still make stable profits in this market are mostly veterans who have gone through multiple cycles. The data is so obviously poor that, unless you have confidence in the industry, it's hard to keep going.

Comparing the recent trends of ETH and BTC, and then looking at the performance of other tokens, the differences are quite significant. Mainstream coins are also adjusting, but their volatility is relatively controllable. Some smaller coins, however, appear to be particularly passive.

This period is actually a test of technical skills and psychological resilience. When the market is cold, it’s often an opportunity to accumulate chips — but only if you survive long enough and manage your funds carefully.