Over the past few days, I've been watching RAVE's trend, and it's interesting——it has been consolidating so tightly that even retail shorts have lost patience, and the capital has been almost exhausted. To put it simply, these types of coins can only be manipulated in a short-selling direction; the operational space is too narrow. The entire market's alpha opportunities are all in declines; altcoins no longer attract capital attention.

Currently, very few coins are still driven by narratives; most are just driven by emotions. The sudden surge of meme coins? It's more like the last frenzy rather than the beginning. Coins with 100x returns will become increasingly scarce in the future; there’s not as much juice in the market anymore.

On the flip side, operating against the trend makes it easier to get trapped, and trying to go against the market to earn stable profits is quite challenging. The profit margins in the spot market are indeed narrowing—many coins have poor liquidity to begin with, and the slippage after buying can be astonishing. This is the biggest headache for retail investors.

Thinking carefully, the true exit for retail investors might be learning to short. Coins like LISA, which are pump-and-dump schemes, are now also starting to decline sharply to harvest profits. The market is telling us through actions that it’s time to change our approach.