After deep communication with several experienced friends on the blockchain recently, we have reached a high consensus on the survival rules of the current cycle. The market has completely shifted from "listening to stories and speculating on expectations" to "looking at cash flow and verifying implementation". Here are some tips for cryptocurrency trading (for reference only): 1) Prioritize targets with the ability to capture real value. In a bull market, the market is willing to pay for stories and expectations, while in a bear market, it only seriously achieves gold flow and repurchase destruction records. The true 'death free gold medal' of this cycle is that the agreement can continuously generate fees and directly feedback these fees to token holders through repurchase, destruction, or dividends. For example, recently rising launch pad concept coins such as UNI, PUMP, PONS, as well as the repurchase king HYPE in this cycle; 2) Only select projects where PMF has been implemented and formed a complete closed loop. Because there will be no unexpected events in the next cycle, there will only be two major narratives related to "asset tokenization" and "Agenetic Economy" (Perps, predictions, stablecoins, etc.) Payment）， The market will shift from a preference for technology narrative extension to a practical implementation verification route. For example, projects without real users, real transaction loops, and real income will be quickly filtered out; The concept coins following this line of thought include ONDO, VVV, VIRTUAL, etc., which will focus on actual AUM trading volume, as well as data indicators such as cost generation ability; 3) Choose assets with strong 'consensus'. It has to be admitted that the only thing that can withstand the test of several cycles in the encryption industry is two words: "consensus". Please note that the consensus here is that the market naturally ferments and has the ability to cross cycles. Do not assume that xxx has replied to a tweet about the so-called "consensus" hyped up by xxx's industrial assembly line. The real potential lies in the old assets that newcomers cannot understand at all, but have good liquidity and are still living well. For example, old Cult MEME tokens such as DOGE, PEPE, PEOPLE, or leading assets in various sub sectors such as ZEC and TAO have gone through multiple rounds of bull and bear trading, and their community has strong spontaneous vitality, making them easy to be targeted by main funds and repeatedly traded; 4) Try not to touch pure VC coins. If I say that altcoins are dead, you may still use financial cycles to refute it repeatedly, but if VC coins are dead, basically no one has any objections. Due to the high FDV, low circulation, and continuous large-scale unlocking of VC coins, it is destined to rely solely on the expected airdrops before and after TGE to generate heat. If the project lacks the ability to capture value, there will inevitably be a lack of momentum for subsequent development, and unlocking will result in an awkward situation of smashing the market. This is the fundamental reason why the bull is not crazy, the bear is deep in this cycle. A large number of VC investors are eagerly waiting to unlock and smash the market. How dare retail investors touch this token? Note: The above is only a summary of personal communication with friends, and the mentioned tokens are only examples and do not constitute investment advice.