As soon as the Thanksgiving holiday arrives, the volume directly experiences a 50% Slump.

The contrast between this year and last year is quite harsh—last year at this time, Bitcoin skyrocketed from 40,000 to 90,000, and the market was euphoric; now? It has pulled back from 126,000 to 90,000, and the air is filled with the scent of a bear market.

However, those who are used to the storms know that a 30% fluctuation is nothing. Just wait for a catalyst, and the rebound will come. Whether BTC can break its historical high is another matter, but first, reaching the 100,000 mark is enough for the market to create new stories. However, in this cycle, a super narrative of the level seen in 2020 has not yet emerged.

What has truly changed is the way money is played.

The funds entering the market are becoming increasingly savvy—promises alone no longer work; everyone is focused on whether the project can continue to generate profits. Look at protocols like Hype that have real income support; despite a high FDV, they can still hold up; instead, Meme coins, established blue chips, and new concept narratives have all turned into quick in-and-out games. Want to hold long-term? Then let the data speak.

Check out the top ten protocols on DeFiLlama's revenue ranking: Tether, Circle, Hype, Pump.fun, TRON, EdgeX, etc. Regardless of whether they have issued tokens or not, they are truly making real money. Including these types of consistently profitable projects in your portfolio means you won't panic even if the altcoin season doesn't come.

As for those "top-tier concepts" that can only tell stories without quantitative indicators to support them, they basically just experience a surge followed by a slow decline. Blast has already given everyone a lesson.

The core logic of this round of market is simple: don't focus on sentiment, focus on profitability.