#比特币对比代币化黄金 Recently, I saw an executive from a leading exchange being interviewed, and what they said basically exposed how this market really works.

First, let’s talk about the exchange business. At its core, it’s all about making money—they know some meme coins might go to zero, but for the sake of traffic and market share, they still have to list them for users to trade. This approach, balancing between profit and risk control, essentially treats meme coins as a way to attract users. So, when retail investors participate in these trades, don’t expect the platform to bail you out—they’re just providing the venue and collecting fees, nothing more.

As for the rumors about listing fees, the platform’s executive actually denied the sky-high fee claims. She explained that what matters more is what benefits the project can bring to users, like airdrops or low-price tokens. Sounds like good news for retail investors? At the very least, it shows that big exchanges are considering user interests, not just charging for listings. If a project comes with an airdrop when launching on a mainstream platform, it’s definitely worth a closer look.

Looking at market funds, money is clearly shifting toward “hard assets”—consensus coins like Bitcoin and Ethereum, or AI tokens with real use cases. Institutions and retail investors are not even playing in the same league—institutions buy low, sell high, and exploit sentiment swings, while most retail folks are still dreaming of getting rich overnight by betting on low-cap tokens. Time to wake up—your counterparts now might be professional institutions, not random retail traders.

As for investment advice, that executive was pretty blunt: treat meme coins like buying lottery tickets—only use money you can afford to lose. The bulk of your portfolio should be in core assets and leading ecosystem projects—that’s the right way to do it. As for those meme coins that have dropped 90%, still have an active community, and are spinning new narratives? Even if there’s a rebound in December, don’t get too attached—get out when you need to.

The underlying logic of this market has changed. Chasing pumps doesn’t work anymore. Want to know which coins whales are scooping up at rock-bottom prices? Pay attention to on-chain data and capital flows—it’s way more reliable than blindly copying trades. The market doesn’t reward laziness; information asymmetry is the real moat.