Honestly, in the current market, who is making money and who is losing best reflects the market direction.

Recently, on-chain data has been quite interesting—there's a team playing short positions on $PEPE that keeps adding to their bets, and they have already made over 81 million this year. In contrast, large traders blindly going long on altcoins have lost more than 42.7 million. This gap is not a small number and clearly indicates the temperature difference in market sentiment.

My view is that the Meme sector has become a bit overhyped in this round of the market. Profits are piled up, and the continuous increase of large short positions on-chain is a clear risk signal. It's not just a simple pullback; it looks more like funds are consciously shifting to other sectors—high-quality projects in AI, RWA, and on-chain derivatives are being smartly positioned early. Looking at the high-position short holdings of new tokens like $LIT makes the logic even clearer.

So, what’s the next step? A few suggestions:

First, don’t chase after Meme coins that surge in the short term. The game of hot potato has almost played out; entering now is basically taking the last hand.

Second, focus on value narratives at low levels. After sufficient correction, gradually enter positions in fundamentally solid assets and accumulate over time.

Finally, keep your positions flexible. Better to miss a wave than get caught in a trap. Keep some powder dry and wait until the market truly panics before taking action.

The data is right here; emotions cannot change reality. I mentioned this risk as early as last week, and the actual actions of on-chain whales have once again validated this judgment. Markets tend to turn when they reach a frenzy peak, and new opportunities emerge when everyone is most panicked. The most important thing now is to stay clear-headed and wait for the wind to come.