From a liquidity perspective, I feel like 'new coins and meme coins have reached a critical point.' Let’s talk about new coins first, which I’m more familiar with. It’s unclear whether this is the consolidation before the final wave of madness or if we’re already seeing the peak. What’s clear is that the market no longer has the same level of liquidity as the previous phase. When liquidity is expanding, high valuations for new coins aren’t an issue, because at that time, people are buying into the FOMO premium— buying with the expectation that the next person will pay an even higher price. But now, the follow-up liquidity isn’t keeping up. NEX launched, ZEST got drained. GENIUS and OPG listed on Binance Spot, and NEX and ZEST got drained again. Every time there’s a new hot topic, the old ones bleed out. Even the new hot topic OPG couldn’t hold up after its launch and crashed hard. This shows that the new coin market has shifted from fresh inflows to existing funds rotating between a few hotspots. The same goes for meme coins. Now, a lot of coins pump a little with volume, but as soon as the market notices them and retail investors start chasing, they get dumped immediately. The sustainability is noticeably worse than before. My understanding is that smart market makers have already started using the hype to offload their positions. Although I’m not ready to call the end of the market just yet, and I wouldn’t even rule out one last wave of madness, if we look at the liquidity structure, the high-beta strategies have already shifted. You can keep playing, but it’s no longer suitable to use the same holding periods and stop-loss strategies from the liquidity expansion phase.