#ETH The current crypto world is completely a heaven and hell compared to before 2020. From 2017 to 2022, every time a bull run came, various coins, big and small, would experience a chaotic dance, with random rises of several thousand percent or even tens of thousands percent. When lucky, one could randomly buy a few hundred dollars’ worth with eyes closed and potentially make ten or twenty thousand overnight... This kind of bull market was completely disrupted by the playstyle of 2024. Last year, it was only BTC that was soaring, and mainstream tokens like Ether and Sol couldn’t escape the fate of market capitalization shrinkage. Now, in July, more than half a year has passed, and altcoins have been falling since last year's slight rise. Most coins have dropped to historical lows, and some issuers have directly sold off their holdings at low prices and executed a Rug Pull. Exchanges also predicted significant market changes in the second half of last year, changing strategies to crazily issue various fake concept junk coins, with a new one every day, seemingly wanting to issue 100 every day, opening at high prices and then falling all the way until they sell out their coins, then starting over with new coins, continuing the old methods to harvest suckers. By early 2025, various sizes of suckers were awakened, those who left the circle left, and nearly 100,000 players left a certain exchange in one day. At this point, the frenzy of issuing new coins began to subside. I believe that in 2025, exchanges also felt an unprecedented survival crisis, as the crypto market lost its source of fresh air, while also accelerating the loss of old air. While BTC was manipulated by big capital, the major exchanges that once held control have now lost their voice and only possess the same participation rights as ordinary retail investors. Today, exchanges surrounded by crisis also face severe challenges in the future, and the fantasy of overnight wealth for retail investors has completely shattered. The biggest dream in the crypto world is overnight wealth, which weighs even heavier than BTC.