I believe small-cap coins have been hit the hardest. Take the latest pullback: many tokens ranked below No. 200 by market cap fell 30%–50% from their recent highs, while BTC was down about 10%–15% over the same period. With poor liquidity and thin bids, there was almost nothing to catch them on the way down. My own position is in the red too. I’m not going to pretend otherwise, and I certainly won’t use a “long-term narrative” to make excuses for myself. But the team is still working toward spot trading and a FIX order interface on its roadmap, and that’s not just empty talk: for spot trading to really get off the ground, we need to see market-making depth, matching-engine stability, and actual trading volume after launch. The FIX interface, meanwhile, will determine whether institutional orders can connect with low latency—but getting the interface up and running doesn’t mean the money will follow. How much they can deliver when the market turns around is the real test. For example, among projects that have also talked about launching spot trading, some relied on incentives to prop up trading volume during their first week, only to see it shrink rapidly once the incentives ended. Others moved more slowly but steadily improved API reliability, order-book depth, and compliance-related access. The latter are the ones more likely to hold up when the market recovers. BTC will probably have another stretch of frustrating sideways action before the halving. Historically, the pre-halving period has often brought repeated swings, false breakouts, and long periods of range-bound trading, which can easily wear down short-term sentiment. No matter how strong the privacy and scaling narrative around ZK proofs may be, it’s still just a story until the chart structure confirms it. At a minimum, we need to see volume, a trend, and a decisive break above key resistance before we can talk about the narrative delivering. So what’s the conclusion? I haven’t figured that out either.