#密码资产动态追踪 Has the recent market trend changed? There are a few clear signals in the crypto space worth considering: The hype around crypto content on YouTube continues to decline, over 11.6 million projects failed last year, meme coins are even more disastrous, and on top of that, the $19 billion leverage liquidation in October—things do look pretty bleak. Many people are starting to doubt, and I understand.

But there's a deeper story here. As a trader who has been immersed in this market for years, I want to say something honest: the real opportunities often hide during the coldest times.

Let's first look at what these signals mean. Retail enthusiasm is waning (in terms of views), low-quality projects are being ruthlessly eliminated (11.6 million failures), and the leverage bubble has burst (liquidations of $19 billion). This isn't the end of the world; rather, it's the market's self-healing process—fervor fades, and what remains is more valuable.

Looking at on-chain data, a few indicators I keep an eye on are quite interesting: short-term capital is flowing out, but the wallets of truly capable big players remain unmoved, and exchange reserves haven't shown abnormal changes. In other words, the "smart money" hasn't run away; it’s likely quietly positioning itself. Historically, after each forced leverage liquidation, the market falls into a brief silence before gradually bottoming out and rebounding.

My view is straightforward: this downturn isn't the end but a necessary phase of medium-term adjustment. The fundamentals of the crypto market are still intact, especially for mainstream coins with real use cases, whose value will become apparent over the long term. As for meme coins that rely purely on hype, I suggest staying away. I expect some consolidation to continue for a while, and the market should gradually warm up in the second half of the year—based on the cyclical patterns after 2021, these changes are predictable.

By the way, I’ve emphasized the risks of leverage multiple times before, and this time it’s been validated again. So my advice is simple: don’t panic, keep paying attention to market trends, and hold onto those assets with real value. The bigger the storm, the more opportunities there are. Let’s wait for new changes together, and share your current thoughts in the comments. $ETH