Recently, some crypto friends asked me about the difference between a bear market rebound and the arrival of a bull market. Actually, I think this question is asked the wrong way. What truly matters is not the market itself, but how much of your funds are left.

Let me be honest with you—if you're already stuck with 90% of your holdings in altcoins, don't expect to break even. Those sudden 100x or 50x surges? Mostly just fantasies. Even if such coins do exist, very few people can catch the right moment. If you're lucky enough to hold on, then you've made a profit, but you can't rely on such probabilistic events.

Currently, the market has increased by about 20%, but trading volume remains very sluggish. To attract genuine incremental capital, the market needs to double in value at least. After doubling, traders will start to sell off their holdings gradually. Those with idle funds will see the opportunity and buy in, which will help the entire market circulate. In simple terms—when you have no money, you see no hope; when you have money, you can't sit still. You will definitely enter the market.

You might also notice a phenomenon: recently, there are fewer new tokens in the secondary market, and the quality requirements have increased. Unlike before, when new tokens would have market caps of tens or even hundreds of billions, that kind of bubble was too outrageous. Exchanges clearly realize this issue and are intentionally shrinking the market, clearing out worthless "air coins." Last year, they implemented a voting mechanism for delisting tokens, but the results were not ideal—more tokens were delisted than new ones listed. Later, they pushed new tokens aggressively in both primary and secondary markets, but that also didn't make much sense.

I've said many times before that for this market to achieve a healthy cycle, only the big players have the ability. We players don't have the qualification to change the rules. But the good news is, recently, we've indeed seen the market adjusting in this direction. As participants, everyone hopes this ecosystem becomes healthier and healthier.