There is no more copycat season. Those who make money in the crypto world are now playing Hong Kong stock IPOs and U.S. stocks. The market has entered an era of selective rotation and diversified assets, with funds switching back and forth between high-quality crypto assets and Hong Kong and U.S. stocks. Just look at the actions of leading exchanges to see that they are heavily investing in TradFi, which has become a defensive strategy for the crypto industry to retain users and maintain trading volume.

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