Some time ago, I attended a blockchain club class at a well-known university and noticed an interesting phenomenon. A few years ago, this community indeed nurtured many excellent trading teams. They accumulated a lot of capital by entering early and were once rising stars in the scene.

But in the past two years, there has been a clear lack of new blood, and I no longer see the influx of new traders in large numbers. During an industry event I attended yesterday, I had a profound realization—the scene has long shifted from social networking to old acquaintances reminiscing. Honestly, it was a bit painful, but from my observations, about half of the people still active in the circle will probably choose to exit or be directly淘汰 by the market in the near future.

This actually reflects the brutal logic of the crypto market cycle. Entry timing, mindset adjustment, risk control—any problem in these areas can become a reason for淘汰.