#密码资产动态追踪 Looking at the lively scene in the primary market, I can't help but feel that this momentum is somewhat familiar—like the strange atmosphere before the 2011 market rally. Back then, the market was also overheated, with retail investors flocking in, capital pouring in, and then... you know how it goes.

The cyclical pattern of crypto investment is right there; the temperature of the primary market is often a leading indicator. When so much new capital is focused on early-stage projects and eager to get in, it usually means that everyone's risk appetite has been nearly exhausted. This phenomenon has appeared at the end of every bull market, where emotions drive up valuations, only for later entrants to bear the brunt.

It's not to say a crash is inevitable, but this hot feeling definitely warrants caution. When the market temperature is high, it's actually the time to stay calm.