The current crypto world is completely different from before 2020—it's a paradise for some and a hell for others.

From 2017 to 2022, every bull market would see all kinds of coins, big and small, go through chaos, with some surging by thousands or even tens of thousands of percent.
When luck was on your side, you could buy a few hundred dollars blindly, and after a nap, you might have made one or two thousand...
This kind of bull market was completely disrupted by the gameplay in 2024.
Throughout last year, Bitcoin soared rapidly, and even mainstream coins like Ethereum and Solana couldn't escape the fate of market cap shrinking.
Now it's July, more than half a year has passed.
Altcoins, after a small rise last year, have been falling ever since, with most coins hitting new historical lows.
Some issuers directly dumped all their holdings at rock-bottom prices and ran away.
Exchanges also predicted major market changes as early as the second half of last year, shifting strategies to aggressively issue all kinds of fake concept tokens—one every day, almost 100 daily.
They opened high and then kept falling until they sold off all their coins, then started over with new coins, continuing the old tricks to harvest retail investors.
Until early 2025, various small and large investors were awakened from being "harvested," with old players leaving the scene—some leaving nearly 100,000 people in a single day from certain exchanges.
Only then did the frenzy of issuing new coins begin to subside.
I think exchanges in 2025 also sense an unprecedented survival crisis.
The crypto market has lost its source of fresh air, and at the same time, the old air is rapidly dissipating.
Bitcoin, manipulated by big capital, has lost the control it once held over major exchanges, which now have only the same participation rights as ordinary retail investors.
Today, exchanges surrounded on all sides face heavy crises.
The fantasy of overnight riches for retail investors has been thoroughly shattered.
The biggest myth in crypto is the dream of getting rich overnight—this belief, even more weighty than Bitcoin itself, has lost its efficacy and no longer works.