#大户持仓变化 Recently, I had in-depth conversations with many friends in the community, and the most common feedback I heard was about losses. Spot investors are generally experiencing declines of 3-8 times, and even some project teams haven't escaped unscathed.

To be honest, this wave is more difficult to navigate than any previous bull market. There's no frantic upward momentum; the once booming altcoin rally has returned to the state of 2021.

Where's the problem? Liquidity. Too much capital has been drawn away by Meme coins. While some have indeed made money through Meme coins, what about the latecomer retail investors? Most have become bagholders. The number of early winners is negligible, and later entrants are mostly just buying in.

I've carefully looked at the market caps of many Meme coins, and they are generally absurdly inflated. Without any real application or ecological support, they've just been pumped up artificially. Is this really reasonable? Often, a celebrity endorsement is enough to trigger a frenzy, with various KOLs rushing in to harvest profits, leaving retail investors with nothing but losses.

On the other hand, coins with genuine projects and active ecosystems tend to perform poorly after launch. The problem is the high initial costs; teams have to use market-making and chip exchanges to cover expenses, but retail investors aren't interested in this process. Project teams dare not aggressively pull prices up, fearing accusations of rug-pulling, so they can only slowly sell off tokens to raise funds; retail investors can't make money and are reluctant to buy in at high prices. This creates a vicious cycle.

Initially, I was quite optimistic about Meme coins because they are driven by sentiment and offer many opportunities for retail investors. But now, I realize that so much liquidity has been drained by Meme coins without benefiting the overall market, and instead, it’s unclear where it has gone. In the long run, established mainstream coins may face delisting risks due to insufficient trading volume. Behind the market downturn, this is the real root of the issue.