Recently, the market has been filled with heavy panic sentiment. As the New Year approaches, many people's emotions are already low, compounded by volatile market conditions and traders being liquidated one after another, which has shattered confidence. I haven't been feeling well these past two days, so I have had more time to calmly observe the market. To be honest, it's hard to feel optimistic emotionally, but in terms of judgment, I still lean towards the crypto space—just not in traditional altcoins, but in Meme coins. Many people think that the crypto market is no longer correlated with the US stock market, but that's a misconception: BTC still maintains a strong correlation with US stocks (especially the Nasdaq), as it remains a reflection of risk appetite and liquidity. However, this correlation has become layered: BTC is linked to macro factors, ETH to secondary risks, and Meme coins are essentially decoupled, mainly trading on on-chain sentiment and attention. Recently, many traders have been liquidated in altcoins and high-leverage narrative tokens. The core issue isn't wrong direction but misjudging the market structure: current altcoins aren't falling but experiencing liquidity exhaustion. VC tokens and narrative coins face long-term unlocking suppression, with no new funds willing to buy into the "fundamental story." Leverage can only lead to self-destruction in low liquidity environments. The market's risk appetite is forced to spill over, flowing into assets that require the least valuation anchoring and are easiest to reach consensus on—namely Meme coins. As long as the US stock market doesn't experience systemic risk, continuous crashes, or liquidity shocks, the crypto space will continue to seek speculative exits. At this stage, the clearest and most efficient exit is Meme coins. BTC's high-level consolidation and shallow dips are signals of a bullish bias, indicating that chips are being locked up and sentiment is spilling outward. History has repeatedly proven that the first stop for sentiment spillover is never the so-called good projects but the purest form of liquidity games.