In this kind of market, even the big players in the primary market can't hold on anymore. The best launch windows this year are when 0G and XPL go live. Recently, I looked at three projects from the KOL round, and the terms are all very favorable—either the discounts are bigger than typical public sales, or it's a principal-protected round. There are even top-tier projects with special benefits for whales (with capital requirements). So overall, there's a lot of liquidity in the crypto space; it's just that you can't even imagine what the big money is playing with.