Why do some people in the crypto space feel particularly difficult in 2025?

Recently, too many friends in the crypto community have lost their cool; the prices of the top 50 altcoins are even lower than after the FTX collapse in 2022.

BTC, ETH, and SOL have also returned to the levels of December 2024.

Many people haven't made any money in this cycle and are now rushing to break even.

Is the four-year cycle still valid?

If you believe in the "four-year cycle," we've actually passed the 18-month mark, and logically, the peak should be around here. But the market feels completely different.

The old model has collapsed, and the new rules have yet to be established.

In the past four years, tokens were almost all in a low circulation + high FDV model.

This year, Polychain sold $240 million in $TIA, which is just the tip of the iceberg.

Is anyone blaming them?

In fact, who wouldn't sell when they receive unlocked tokens?

Do you remember the days when tokens would rise as soon as they hit CEX?

That era has completely ended.

All players are anxious.

The current crypto space is like a pot of porridge: fresh traders are busy adapting to new rules, memecoin players are fighting each other, founders complain that no one uses the protocol, and retail investors shout that the market is too crowded; VCs lament, "The era of easy money is gone."

Traditional finance has entered, but they don't buy our altcoins.

The problem is actually very obvious: there are too many tokens, unnecessary technology, projects haven't found a market, Tokenomics are a mess, airdrops are sold into stablecoins, and liquidity is getting thinner.

After Black Friday, many people have "gone to zero."

Half of the traders have lost everything; retail and professional players have become poor.

Altcoins have entered a new stage: new coins are listed at high valuations, stealing liquidity;

Old projects are dragged down.

In the past, everyone said, "As long as the conditions are right, tokens will rise," but now it's different.

The market is too crowded; every week there are 3 to 5 "quality coins," but who will take over?

Without new money, everything is PvP.

Every week, new projects have extremely high FDV, and a large supply is flooding in.

Unless new buyers come in, the long-term outlook for token prices will only decline.

Now, the influx of funds has become extremely selective, and it cannot offset the selling pressure brought by large unlocks.

A small suggestion (from the heart)

The market can be bad, but skills must improve/

Whether it’s trading, networking, writing, or sales, find a direction you can hone in on for the long term.

When coins don’t rise, at least you are still growing.