Last week Firstly, let's talk about the major market trend From the perspective of market sentiment, it is generally in a state of collective bearish sentiment, with groups solely focused on line trading already seeing below 50000. The investment research party is also very pessimistic, generally believing that it is difficult for good innovation to emerge, and attention and funding are heavily drained by the AI circle. BTC starting with 8 and ETH starting with 2 were both bought, although the market thought they could see 7, they still took action first. Starting from December, most of the knockoffs have shifted to BTC and ETH, leaving only a portion of projects with cash flow operations, such as AAVE LINK. Compared to the previous cycle, I feel that I have become very conservative. In the bear market after LUNA, I took action to buy a large number of knockoffs. Although the final total was profitable and there were projects that rose again, I also experienced too many stories of going back to zero. The situation in this cycle is a bit different. I think there are very few knockoffs that have been mistakenly killed, and the market's computing and evaluation capabilities have improved. It is not easy to pick up "leaks". Especially during this cycle, there are a large number of projects without actual business operations, as well as reincarnation projects aimed at completing previous financing tasks, which are very dangerous. Of course, if there is really a good opportunity, I would still buy it, but I can hardly see it now.