If you are still clinging to those once-popular coins, it's time to face a reality: this is not a simple pullback, but a significant devaluation of assets.

Just look at these data and you'll understand. $APT and $OP, the popular projects from the last round, have dropped 90% from their highs and now have only one-tenth of their market value. What's even more heartbreaking are those coins with little practical application, which have shrunk even more absurdly—some are worth only one-third of their value, meaning they would need to increase 30 times to return to their former positions. $GTC, which was once considered a "solid bottom" coin, has long fallen below 1 dollar to 0.1 dollars. The traditional bottom-fishing logic has completely failed. What we are facing may be a market with no clear bottom, and it could continue to drop by another 80%.

The recent trend of altcoins is essentially a transfer of wealth.

When many people realize that their coins need miraculous increases to break even, a deeper question arises: how can we truly protect the value of our assets in a market filled with extreme volatility, bubble narratives, and liquidity traps?

If even projects that seem to have a good fundamental can easily evaporate by ninety percent, then is the cryptocurrency world destined to become a casino? This painful thought actually points to a field that has been long ignored amidst the clamor of the bull market—value-stable infrastructure. Meaningful projects are not about creating hundred-fold myths through storytelling, but rather about being able to traverse bull and bear cycles and provide certainty.