#代币经济机制 After reading this article, a detail kept making me think repeatedly: the "poor tokenomics model" mentioned by the author—extremely poor supply release, no value capture mechanism, and the project itself has no revenue. This isn't a new problem, but it concentrated into a $19.6 billion liquidation scale in 2025.

Looking at it from another perspective, this precisely explains why position management and a long-term mindset are so crucial for retail investors. When 99% of assets are digging their own graves, those who survive become scarce. Projects like Hyperliquid gain attention essentially because they lack high inflation and have real value capture—these should be basic requirements, but they have become competitive advantages.

Following this logic, the game rules in 2026 are changing. It's not that the crypto market has no opportunities, but that opportunities are shifting from "broadly casting nets" to "precise targeting." Traders who are forced to turn to the stock market are actually doing the same—shifting from chasing hot trends to finding fundamentally solid targets.

The fact is, retail power is reshaping the market structure, but this also means emotional volatility will be more intense. What you need is not to predict where the next hot spot will be, but to clearly define your exit conditions before the hot spot arrives. That’s why having a clear position plan is essential: how much to allocate to narrative chasing, and how much to keep defensive. In a market where "new lows keep being made at the end of the cycle," reckless risk-taking without a safety net will ultimately turn into nightmares.