There is actually no need to be pessimistic about the cryptocurrency industry Since returning from Hong Kong, I have basically felt the same as other friends who have market making business. The inquiry contracts for hot money in the US, Hong Kong, A-shares, and alpha business are basically two or three times a week Many speculative investors have already attempted to allocate funds, and some have even lost money due to improper operations, but "it must be because they didn't follow the right path", just like everyone paying tuition fees for AI trading - everyone is actively entering the market to try More than a decade ago, when I first entered the workforce, I worked on an alternative IB business for the listing of speculative banks. The biggest difference between speculative banks and individual investors is that their top priority is controllability, rather than sector/narrative popularity. On the contrary, the narrative is actually a tool in their hands. When people flock to it, the speculative capital may have already profited and retreated 3-6 months ago, moving to the next market they have control over. This is the main factor of the so-called "sector rotation" When everyone and large institutions enter the hot topics of AI upstream and downstream or US and Korean stocks, it will have a crowding out effect on a large number of speculative funds. On the one hand, it is profit taking, and on the other hand, the plate is too large and uncontrollable The cryptocurrency market is one of the few markets after the United States, Hong Kong, and South Korea that can effectively attract liquidity from competitors through trading (compared to other top ten stock markets such as China, Taiwan, Europe, Japan, Saudi Arabia, etc., the regional access threshold is relatively difficult to attract global retail investors), and it has completely asymmetric controllability and costs (including compliance costs and chip acquisition costs): it can be operated, controlled, eaten, and taken away How many crypto brothers are clamoring to quit the market? If there is really a small hot topic, it is basically "called upon and able to fight", with a much higher pool entry rate than old A-share investors. Moreover, it is a pure chip game that does not require prior knowledge to participate, and the threshold is low These speculative funds are the main new increment in the current industry, and for them, the biggest narrative of crypto is the perfect "game layer" Anything can be used for game testing, and feasible game products will be brought back to traditional finance to make money, such as perpetual contracts, event contracts, and bonus shares (such as Canton Guangdong Chain). It's like the technology of the F1 prototype car feeding back to civilian cars So many practitioners in the crypto industry have always been wrong about the current problem: it's not that there are no good applications, but that the target audience is wrong - not providing good services for speculative capital, not providing good services for market dominance for example -How to help them quickly gather their opponent's plate? -How to provide them with a venue to showcase their skills and prevent opponents from risks such as being caught and withdrawn -How to improve the efficiency of market making funds -How to lower the learning threshold for them to use trading tools -How to reduce the risk of intent being discovered and associated Each of these is a big business involving underlying logic, and it is a business unique to East Asia/Southeast Asia/Dubai - only here can you hear frank discussions from London, Wall Street, and Wudaokou on how to control and allocate funds. These places do not belong to any major government forces, and there are no constraints that bind capital To serve them, it must be spoken by @ DoveyWanCN - an English speaking Chinese So those who are still in the industry, or in any industry. Don't dwell on it, don't be misled by surface noise - real big money is hidden beneath the water's surface