This round of sell-off is most likely not an accidental fluctuation, but a deliberate and targeted clearing.

In the early days of the crypto world, retail investors dominated, with dispersed holdings, and there was hardly any real control of the market. But since last year, Wall Street institutions and large whales have continued to enter, aggressively accumulating tokens, attempting to establish long-term dominance. The problem is: the holdings are still dispersed among a large number of retail investors, and the market control efficiency is not high.
Therefore, the recent continuous decline is more like breaking through the market's psychological price expectations, using both time and volatility to torment, forcing retail investors to actively surrender their holdings. Not for the purpose of "falling," but to reorganize the token distribution structure.
As for why I believe there will be a major market rally later:
First, blockchain is shifting from "narrative" to real application, with more and more companies starting to use blockchain combined with AI at the underlying level;
Second, as AI becomes widespread and digitalization deepens, the opaque and non-auditable traditional currency systems will increasingly fail to meet demands. In the long run, encrypted assets with transparent information have natural advantages;
Third, the value of blockchain in solving trust issues is being re-recognized, especially ZK (Zero-Knowledge Proof) technology, which is turning "trustless" from a slogan into a practical infrastructure.
In the short term, it is emotional clearing; in the long term, it is a reconfiguration of holdings.
The cruelest part of the market is: the true trend often emerges when most people are no longer willing to believe.