#美国就业数据表现强劲超出预期 Don't be fooled by the market being manipulated by various factors; an independent market will come sooner or later.

Looking closely at this round, the money in the crypto world has actually split into two groups—one side is the on-chain players, and the other is traditional financial capital. The most obvious feature of this cycle is that the scale of traditional funds pouring in has completely overshadowed the previous cycle, and then the market was forcibly linked.

On-chain funds have been continuously harvested during this process, with less and less space to grow. Now? Off-chain funds are starting to withdraw systematically—they're looking for the next bigger project with deeper profit margins.

What is the most obvious turning point? I think it’s after the emergence of those newly issued hot coins. Before that, off-chain funds were still flowing in continuously. Afterward? The inflow clearly slowed down.

Speaking of which, if the crypto market only relied on on-chain activity, it would never have reached its current size. So everyone is a combination of two roles—both the leeks being harvested and the players who have profited from this game.

Imagine if $BTC was directly linked to the US stock market, maintaining a consistently high correlation. Would you still find trading cryptocurrencies interesting?

The real excess profits appear when the price decouples—when it doesn’t follow the usual pattern of falling with declines or rising with gains, just like that.