Last year's market conditions caused over 70% of cryptocurrencies with a market cap of over $100 million to decline. Altcoins are having a tough time—innovative narratives aren't selling, application layer stories are unconvincing, short sellers aren't making money, and long investors are losing their shirts. Only Bitcoin can hold its ground; the loss effects of other coins are too obvious.

Interestingly, during this downturn, there are occasional rebounds, and short-term shorting has become more of a technical skill—one misstep and you get wiped out.

But this market hasn't completely exited like postal collectibles or tea coins. Why?

Ultimately, there's only one reason— the crypto market is the most efficient global asset issuance platform, with the richest variety and the lowest entry barriers. As long as asset issuance continues to create opportunities, investors will keep pouring in, and the market will remain vibrant. This isn't just a simple speculative market; it is backed by real issuance demand. So even if it's weak now, the market is far from a true death phase.