#数字资产市场观察 Low tide moment: Who is swimming naked, and who is laying out their plans.

How many times have you seen this kind of scene?
When the price crashes, the curses rise up: "If I had known it was just air"; when there is a slight rebound, the same group of people rushes to get on board, wishing they could swallow their words from yesterday. Having been in this industry for eight years, I've seen this script play out time and again — but the truly valuable things can only be seen clearly after the tide goes out.

Don't just focus on the market's ups and downs. Prices are never "reality"; they are merely a bunch of people's bets on the future. A bear market is not about "declines"; it's a elimination round: once the hot money withdraws, all the inflated bubbles burst, and only the projects that really matter emerge. Just like the internet crash in 2000, where "concept companies" died overnight, the ones that survived became today's pillars.

The cryptocurrency industry is like the internet hitting the fast forward button. Leverage has compressed the cycles, but the iron law of technological change remains unchanged: bubbles are a prerequisite, and those who only tell stories will be brushed away, leaving behind the real technology and foundational work. Now new projects are popping up like weeds, but the truly usable ones are few and far between—this is not called failure, it's called reshuffling.

A bull market is a carnival of chaos where anyone can show their presence; a bear market is a live inspection, where it's clear who is playing for real and who is just pretending. Don't rush to shout "the winter has come"; when the tide goes out, the technological accumulation and genuine consensus that have been submerged at the bottom will be the fuel for the next surge.

So let me ask you: after this round of retreat, do you dare to bet that those "naked swimmers" will become the next leaders?