Recent status of the crypto industry:

1. Binance's listing has become chaotic like a matcha tea house, the spot contract IDO listing speed is lightning fast, the quality of new projects is becoming increasingly absurd, and the reference market cap for spot listings has dropped to 100 million USD;

2. Small coins listed on exchanges are entering a rug pull/closure wave, K-line flash crashes + liquidity disappears. One reason is that the overall environment is so poor that it's hard to make money, and another reason is that previously, BN's spot shells were quite valuable, so project teams were willing to maintain them with real money during the bear market. Now, the rampant listing of trash has completely diluted the shell's value, so the project teams are also unwilling to maintain them, and K-lines can just break down.

3. Crypto is entering a demand contraction phase, meme coins are losing steam, new narratives and paradigms are lacking, retail investors are experiencing aesthetic fatigue towards junk assets, and there is insufficient endogenous demand within the industry; ETH, SOL, and BNB are all facing this issue.

4. Being held hostage by U.S. macroeconomic conditions, if U.S. stocks crash, BTC will definitely crash, and if BTC crashes, ETH and a bunch of small coins will definitely crash even harder.