This is the most brutal and also the most real watershed in the crypto world.

If you are still using the "bull and bear cycle" to understand the crypto space, then you are probably already on the side being harvested.

After 2025, a fundamental change is happening in the crypto market: it is no longer a playground for retail investors, but a battlefield for capital, narratives, and power. In this cycle, the real opponents are no longer "whales," but traditional finance, state-level capital, and meticulously crafted narrative machines.

Bitcoin no longer needs faith; it needs pricing power.
The approval of ETFs is not good news but a declaration: Bitcoin has officially entered Wall Street's balance sheets. It is starting to become "safe" and also "boring." While retail investors still fantasize about tenfold gains, institutions seek steady, controllable, and hedged returns. Explosive rises and falls are being systematically tamed.

And the truly brutal ones are altcoins.

In the past, you bought the "future"; now, you buy liquidity traps.
90% of new projects, from the moment they are born, are not meant to change the world but to execute a perfect exit mechanism. The more grandiose the white paper and the more complex the token model, the less room for retail survival.

Narratives have become the new harvesting tool.
AI, RWA, modularization, DePIN... each term is real, but they are packaged as chips in a shell game. You think you're investing in trends, but in reality, you're providing liquidity for higher-level sell pressure.

Who are the real winners?
Not those who shout buy signals every day, not the most active in the community, but those who understand structural changes and are willing to endure long-term. In this cycle, rewards go to cognition, not luck; discipline, not emotion.

If you are still chasing hot topics, betting on explosive gains, and superstitiously believing in "the next hundredfold," then this market cycle is destined to be a punishment mechanism for you.
But if you start asking:
— Where does the capital come from?
— Who is setting the prices?
— Who needs me to buy?

Congratulations, you have just stepped into the real crypto world.

The market is never short of opportunities; what’s lacking is the ability to survive until the next cycle.
$ETH $ZEC $BTC
#ETH巨鲸动向 #迷因币ETF #比特币与黄金战争