Author: Route 2 FI Source: theblackswans Translation: Shan Oppa, Golden Finance

Once upon a time, the crypto market was a paradise of speculative returns and rapid growth, but now it is dealing with a complex environment full of volatility and uncertainty. In this ever-changing crypto world, traders and investors find themselves facing a puzzling market landscape. Gone are the days of making money easily and following predictable models in the past. Instead, it is a market that seems to violate traditional financial logic and challenges the most experienced crypto players.

Buying dilemma: If you buy it, it will fall?

"Buy low and sell high" has always been the golden rule pursued by investors in all types of markets. However, in today's crypto market, many people face a frustrating phenomenon: the price drops as soon as they buy. This is not just a bad luck, but a manifestation of intensifying market turmoil and declining confidence. Fear of missing out (FOMO), many investors entered the market at local highs, but then watched helplessly as assets depreciate rapidly.

The paradox of short selling: high cost and high risk

For investors who try to profit from price declines, short selling has also become a "double-edged sword". The high capital rates of perpetual contracts are eroding potential profits, making it increasingly difficult to hold short positions for a long time. This environment forces traders to enter the game of "beating the drum and passing the flowers", time becomes crucial, and the risk of "filing the position" (forced closing the position) becomes greater.

"Mining" is exhausted: liquidity mining dividends fade

DeFi liquidity mining, which was once popular, is in a "drought period". The sky-high returns brought by liquidity provision and token incentives are gradually disappearing, not only because of the decline in yields, but also because the market is undergoing a self-correction and returning to a sustainable development model. Today, the project party must create real value instead of relying solely on token issuance to attract users. Airdrop bubble burst

Airdrop was once regarded as "free wealth from heaven", but now it is no longer glorious. Today, even if new airdrops appear, their token value often plummets quickly after distribution. "Sell it when you issue" seems to have become the mainstream thinking in the market, which also exposes the core issues of value creation and retention of the entire crypto ecosystem. Projects that rely on airdrops to attract users are increasingly questioned in the long term.

The intersection of the market

The above tracesThe crypto market is at a critical turning point. The simple and crude profit model in the past is disappearing, and is replaced by a more complex and refined market environment. This may not be a bad thing, but a manifestation of the market's maturity.

Investors and traders must evolve, think more rationally about investment strategies, and study the basic value of assets in depth. The current market environment requires people to shift from short-term speculation to long-term value investment, from chasing high returns to understanding underlying technologies and their application potential.

As the market matures, we will see projects with real practical value stand out, while those that survive by hype will be eliminated. While this transformation is challenging, it could ultimately lead to a more stable and sustainable crypto ecosystem.

At present, all participants in the crypto market must find a balance between caution, flexibility and a keen insight into true innovation. Only those investors who can surpass short-term rises and falls and focus on the potential for blockchain technology change can win in this change.

The crypto market has not "collapsed", it has just entered a new stage of development. As with all evolutionary processes, adapters will survive, and those who stick to old strategies may be abandoned by the market.

As the crypto market undergoes this change, we must remember that major breakthroughs often occur after chaos and adjustments. Although the current market environment looks challenging, we can still see the dawn of hope.

Maturity in the market, while a painful process for some, is paving the way for more sustainable growth and innovation. Projects that are truly practical and have solid fundamentals may become stronger after this storm, and the entire ecosystem will become more resistant to the impact of speculative bubbles. In addition, strengthening of supervision and changes in market structure may ultimately lead to more institutional capital entering and accelerating mainstream adoption.

For investors who are willing to adapt, learn, and hold high-quality assets for a long time, the crypto market remains full of opportunities. The key is to focus on projects that truly solve real problems, understand the technology behind them, and always pay attention to global economic trends. Although the era of easy profits is a thing of the past, the potential of blockchain technology to change the world cannot be ignored.

As traditional strategies fail, we must readjust our minds and make money in an "easy""Looking for new ways to survive in a market that no longer exists.

In such a change, a question remains unresolved: How will the future of the crypto market develop? How can we gain a foothold in this new reality? Or is everything coming to an end?