In this market cycle, there is a particularly striking phenomenon: a leading project spent nearly $300 million on buybacks, forcibly repurchasing 223 million tokens, yet the token price continued to decline. The average buyback price in earlier years was around $1.7, but now it has fallen below $0.98, which can be called "the more you rescue, the more it falls." Even large holders can only hold and do nothing, making the scene quite awkward.

Why can't massive buybacks stop the decline? Essentially, this reflects the brutal reality of liquidity in a bear market. When market sentiment is collectively bearish and selling pressure surges, project buybacks are like using buckets to scoop water from a dam breach—futile. At this point, any technical support is difficult to reverse the trend; at best, it only delays the fall. For projects based on token economic models, this is a heavy lesson.

But the market is always looking for an exit. Recently, an interesting phenomenon has emerged: some funds are starting to flow into DeFi infrastructure that doesn't rely on price speculation but can generate real cash flow. Take the BNB ecosystem as an example, where some protocols have taken a different approach: staking assets to earn stable yields (about 7.2% annualized for BNB staking), lending markets with extremely low interest rates (some below 2%), and even integrating real-world assets like U.S. Treasuries, allowing users to lock in stable returns of 3.65%-4.71%.

In a market filled with uncertainty, these protocols that can continuously generate cash flow have become safe havens for capital. Looking at it from another angle, the essence of investing might not be guessing which coin will rebound, but rather finding assets that can continuously generate returns for you. This is the true logic for surviving a bear market.