The US stock market is playing the "King VC Coin" game, while the crypto world is banding together over "Digital Moutai." These new retail investors are really having a tough time. 🧵👇

Seeing the news that OpenAI is rushing towards a trillion-dollar IPO, I couldn't help but laugh out loud. First-quarter profit margin -122%, earning 1 dollar means losing 1 dollar, and positive cash flow won't come until 2030. Isn't this just the king-level VC coin that the crypto circle is most familiar with—"low circulation, pure hype, desperately bleeding out"?
Wall Street is also clearly cutting losses this time. Forcing stocks into the index using NASDAQ rules, pushing trillions of dollars in index funds to buy at high levels, while also dumping Nvidia and Apple to make room. Basically, early Silicon Valley VCs, riding the AI hype to the highest point, are directly handing over the hot potato to retail investors buying funds.
All we can say is, the end of Web3 is the US stock market, and the end of the US stock market is the crypto circle. When traditional finance also starts playing the "rule enforcement, retail catch-up" CX game, the outside liquidity has already run out.
Offshore, they are blatantly bleeding out, while inside the market, they are playing dead water bandwagon.
Now, on the inside, funds have completely lost faith. ETH has dropped to around 2100, pretending to be dead, even the core believers are tweeting hints that they have cut losses and liquidated. What to do when there's no more water? Everyone can only learn from the old days of holding Moutai in A-shares, pouring all their bullets into the two most solid "demon" coins: HYPE and ZEC.
Why only these two?
HYPE is about "cash ability": no VC shares, 76% goes to the community. Annual protocol revenue of 1.2 billion USD, just earning USDC interest shares can buy back over 100 million USD repeatedly. This is truly an on-chain ATM.
ZEC plays the "ghost story": AI development is too fast, on-chain privacy has become a necessity. Arthur Hayes sells pancakes in exchange for ZEC, Multicoin adds on-site bets. One targets cash flow, the other has a market cap directly aiming at 10% of BTC.
But as long as it's a bandwagon, the end is either everyone getting rich together or a stampede of many killing many.
Currently, ZEC's contract holdings are soaring 40% in 24 hours, and HYPE's fee rates are getting higher and higher. Everyone is crowded on the same boat; once someone starts to run, the last to enter will have to take all the coffins.
A soul-searching question: if even top evangelists can't hold on and sell, are those old assets you hold in your wallet because of faith, or because you've forgotten they exist?
When the market is drained by these two giants, the smart people are already looking for the third bandwagon target.