Over the past few years, the entire industry has supported a large number of people. Project teams survived by raising funds, institutions profited from low-priced tokens, KOLs made money through promotion, arbitrageurs profited from airdrops, and exchanges profited from listing tokens and trading volume. They all profited from retail investors! Now, those retail investors are all gone, and there's no new liquidity coming in. Once retail investors are unwilling to buy, project teams will face difficulties in cashing out their tokens, institutions will have longer exit cycles, airdrops will lose value, their survival space will be compressed, and KOLs will receive fewer collaborations. However, I believe this is not the end for the crypto industry, but a major reshuffling of business models. Opportunities are dwindling, making money is becoming increasingly difficult, and those who previously favored speculation need to change their mindset and focus on long-term returns. My core judgment: In the future, retail investors should gradually transform from pure speculators into investors and industry participants. With limited funds, relying solely on trading is a near-certain death sentence…