The crypto space lately... why is it starting to feel more and more like the A-share market? New projects are popping up nonstop, and as soon as TGE/IPO launches, it's straight to a $100 billion FDV baseline, ruthlessly draining all the liquidity from the market's mainstream tokens. The difference is: when the A-share market faces a funding crunch, regulators can step in with a single document to suspend IPOs and stabilize the market (historically, IPOs have been paused multiple times, sometimes for months or even a year). But in crypto? There's no securities regulator, and no one to call for a halt. Funds just keep getting siphoned off, leaving weaker tokens barely hanging on while stronger ones dominate the scene. In this environment, you either go with the flow and FOMO into new tokens, or stay calm and wait for liquidity to return to the old mainstream ones.