Speaking of this wave of market activity, perhaps the most heartbreaking thing is that we haven't seen a breakout of altcoins. The kind of frenzy we expected didn't happen, which is a bit disappointing. But looking at the data from a different perspective makes it interesting— the total market capitalization of crypto assets compared to the previous bull market high still shows an increase of over 50%. What does this indicate? It suggests that the fundamentals are actually solid.

Where is the problem then? There are just too many altcoins, meme coins, and various small tokens. Just among those that once surpassed a thousand dollars in value, there are tens of thousands. Such a wide variety disperses investor attention and creates a dizzying scene.

This phenomenon is quite similar to the burst of the real estate bubble in mainland China. On the surface, it looks like chaos, but in fact, it's good news. Property prices plummeted, housing supply became abundant, consumers had more choices, and overall quality of life improved. More importantly, such intense fluctuations serve as market education—facts are more convincing than words. Who still dares to believe that housing prices will rise forever?

The same logic applies to the crypto space. Those junk coins with no fundamentals, no real application, and just hype are destined to be swept into the trash heap of history. Projects with genuine long-term value will stand out. Investors are also being educated by the market—learning to avoid leverage, not over-borrow, and focus on truly worthwhile targets.

There's a classic saying: those who don't understand investing cling to certainty, while those who do understand look for opportunities in uncertainty. Market volatility isn't scary; what's scary is choosing the wrong direction. Embrace volatility, but pick the right targets.