The most despairing deadlock in the current encryption cycle: The market has fallen into a vicious cycle of no volatility → inability to attract speculative funds → no trading volume → low volatility. Most tokens do not have dividends similar to dividends, The prosperity and consensus of the cryptocurrency industry were largely maintained by volatility in the past. Without trading volume, the depth of pending orders in the exchange order book has shrunk to the extreme, Any whale selling on CEX could trigger continuous liquidation and cause a collapse. If you are still maintaining trading frequency or continuously monitoring the intraday trends of non top assets in 2026, You will notice a frequently occurring trend: Without any sudden negative or positive news, a certain altcoin will suddenly experience a 5% or even 10% vertical flash crash or pullback within a few minutes, and then quickly be pulled back to its original position, continuing to sideways like a straight line. The chill in the market is much more severe than retail investors imagine, and it is highly likely that they will not be able to wait for mainstream exchanges to take them down. Many projects behind tokens will be forced to announce community-based operations due to the inability to continue operating.