#比特币与黄金战争 The changes in the crypto ecosystem over the past few years are indeed very obvious. Looking back at the early bull market, just picking any coin could yield several times the return. The reason is simple—few new concepts, market capacity concentrated, and no place for funds to disperse.

Now, the situation is completely reversed. First, on-chain projects are growing wildly, with various low-quality projects frequently appearing, forcibly fragmenting liquidity. Second, the number of projects has exploded, with long token unlock cycles and large release volumes, putting constant pressure on supply. Third, after institutional entry, the market structure has become more complex, making it increasingly difficult for retail investors to get rich quickly.

Simply put, making money now requires more technical skills and stronger psychological resilience. The stories of holding a certain coin and making several times the profit may really only live in memories.