🩸 $LIGHT The perpetual contract had a direct waterfall of 3k feet this morning: plummeting from a high of 4.695 to 0.855, a fall of 81%, nearly dropping to zero. The reason can be seen from what Xiao An provided: Large Investors dumped $8.2M Token to the exchange.

This kind of "Alpha" project that hasn't launched on the spot market is too easy to manipulate—overnight, it shattered the dreams of airdrop hunters. On Polymarket, the probability of the Lighter airdrop on December 31 was once 89%, and now the coins many people hold are nearly worthless compared to the 4.6 peak, a classic case of chasing high prices.

The entire crypto market is now experiencing a liquidity drought and a loss of vitality. BTC and ETH have already fallen to the point of "sell orders being exhausted"; the pressure above has eased, but smart money is quietly testing and gradually building positions below. Meanwhile, in the mainstream world, gold and silver have all reached new highs today, and the Nasdaq has also hit a new high. We who once thought we were at the forefront of the times, the "trendsetters", have ended up becoming an marginalized group by trading coins 😂.

@jason_chen998 says it hits too hard:
"I once thought I was at the forefront of the times, but in the end, I became an outlier after trading a coin. I've come across several KOLs starting to analyze the trend of silver, and I can't help but sigh: left-side trading is more enjoyable than right-side trading!"

From inscriptions to memes, this year Alpha has emerged in abundance, and the myths of wealth creation are heard year after year. Doll Sister has become a benchmark, but such stories of underdogs making a comeback are really hard to replicate. Every generation has its own assets: those born in the 90s enjoyed huge dividends, those born in the 00s caught the tail end, and those born in the 85s are gnawing on bones... The entry threshold for those born in the 05s is already high, and there has been no new myth this year; on the contrary, Alpha has become the "chamber pot" of liquidity, with too many projects like $LIGHT.

Perhaps the opportunity for those born after 2005 is no longer in crypto?

#LIGHT #Crypto #币圈观察 #eth