#美国证监会与商品期货委员会深化数字资产监管协作 Over the past month, have you also felt that—the days of altcoins are indeed tough.

Just looking at the market charts makes it clear: most altcoins are experiencing a continuous decline in trading volume, with no follow-up on rebounds, and volume drops even more during declines. Looking at project teams, the frequency of update announcements has noticeably decreased, and community discussion enthusiasm is also waning. This is not an issue with a single project or chain, but a structural change happening across the entire market.

From another perspective, this cycle is actually a major cleanup—eliminating projects that only have whitepapers but no products, removing public chains without real users, and clearing out tokens that rely solely on market makers to pump.

This approach is completely different from the strategies of the past few years. Back then, a project with a nice PPT could raise funds, tokens could be pumped up by professional market makers, and retail investors would go all-in based on faith. Now? The market's taste has changed—only looking at cash flow, real demand, and whether there are genuine users.

To put it simply, the opportunity for altcoins hasn't disappeared; just the golden era of "buy and it will rise" is over. Many rebound opportunities seem promising at first glance, but digging deeper reveals it's just capital fleeing for safety. Without fundamental support, gains will eventually have to be paid back.

For most people, instead of betting on the next black horse coin, it's better to focus more on risk management. Avoiding pitfalls is actually more difficult and more important than chasing hot spots.

$BTC $ETH