Recently, the crypto market has been quite interesting.

Prices are stagnant here, and the sentiment is not particularly extreme, but the underlying elements are undergoing massive changes—projects, platforms, and the entire track are being silently layered.

On one side, institutions are advancing on-chain finance, and traditional financial giants are beginning to participate seriously, making the path to compliance increasingly clear. Sounds good, right?

On the other hand, safety incidents continue to occur. Those weak projects and coins that cannot tell a story are being squeezed out, and funds are no longer scattered everywhere, starting to concentrate in a few directions. This is what is really happening.

So, it's not a crazy period of a bear market or a bull market right now, but rather a scary elimination that is quietly happening. In the end, those who survive are never the loudest ones, but those who can truly withstand, manage the flow of funds, and endure this phase.