Recently observing the market, there are some phenomena worth discussing.

**Capital Flow Still Concentrated**
Major funds are still revolving around mainstream coins like BTC, SOL, ETH, and BNB. This pattern is unlikely to change in the short term, as the liquidity and consensus for these assets are well established.

**Survival Crisis for Altcoins**
Small and medium-cap coins are currently experiencing severe liquidity shortages. Strong whales can still push prices through capital, but most projects cannot sustain a market cap above 0.5. The problem is, once market sentiment shifts, a sell-off could happen at any time. This is not an exaggeration; it’s a real risk.

**New Issues with On-Chain Token Listings**
After a leading platform adjusted its on-chain listing rules, KYC and legal reviews have indeed become stricter. But there’s an awkward phenomenon: legal restrictions have tightened, yet the review standards themselves haven’t kept pace. Recently listed projects, many with solid fundamentals, face issues—market liquidity is insufficient, investor confidence is lacking, and market makers pulling the price find no takers, ultimately having to dump. Think about it: the cost of participating in on-chain listings is so high that, rather than losing money to exchanges, projects prefer to clear out their holdings directly. It’s a vicious cycle.

**Subtle Changes in BSC Ecosystem and Meme Tokens**
Liquidity for Meme tokens on BSC has recently improved significantly compared to the previous cycle. But this doesn’t mean trust has returned; traders are still mainly engaging in short-term trading. It’s like a wound has scabbed over, but the scar remains—funds are willing to participate, but the psychological defenses haven’t fully relaxed.

**Cross-Chain Trading Breaks Monopoly**
Platform X now supports direct trading within the SOL ecosystem, which is an interesting development. This is definitely positive for SOL, while the impact on other chains remains to be seen. The key point is that this mode can bypass certain platforms’ restrictions on specific ecosystem tokens, providing more space for market liquidity. From a competitive perspective, this is beneficial for the diversification of the entire ecosystem—different platforms and chains can showcase their strengths, and BSC participants can also benefit.

**Hidden Rise of Prediction Markets**
Prediction markets are gradually becoming an important tool for project screening and arbitrage during the Pre-TGE phase. This market is much larger than I initially imagined. Projects listed on prediction markets, especially those showcased on top platforms, can gain exposure and valuation, gradually becoming a necessary step for projects. The potential here has not been fully tapped.

**Opportunities and Challenges in 2026**
The upcoming cycle will undoubtedly be full of innovation and change. Innovation and change bring both opportunities and risks. Improving awareness, adapting to this rhythm, and learning to navigate change are key. There are many opportunities, but the crucial question is whether you can seize them.