Recent status of the cryptocurrency industry:
1. Binance's coin listings have become chaotic, with rapid listings for spot contracts and IDOs; the quality of new projects is increasingly outrageous, and the reference market cap for spot listings has dropped to 100 million USD;
2. Small coins listed are entering a wave of rug pulls/bankruptcies, with K-line flash crashes and disappearing liquidity. One reason is that the overall environment is so poor that it’s really hard to make money, and another is that previous BN spot shells were very valuable, so project teams were willing to maintain them with real money during the bear market. Now, the frenzy of listing trash coins has completely diluted the value of the shells, so project teams are also unwilling to maintain them, leading to K-line breaks without hesitation.
3. The cryptocurrency market is entering a demand deflation period, meme coins are cooling off, new narratives and paradigms are lacking, retail investors are experiencing aesthetic fatigue towards trash assets, and there is insufficient endogenous demand in 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 host of small coins will certainly crash even harder.
