Paris Saint-Germain wins the Champions League, but the official fan token $PSG drops instead, revealing the phenomenon of 'selling the facts' in the crypto market and the volatility characteristics of fan tokens. (Background: The latest on 2025) Cryptocurrency investors' tax reporting regulations: What are the differences between domestic and foreign income, and can virtual currency losses be recognized? ) Paris Saint-Germain Football Club defeated Inter Milan in the UEFA Champions League final last weekend (31) to successfully claim the title. This was a moment of glory that the team and its supporters eagerly anticipated; however, for investors holding the official fan token $PSG, this victory unexpectedly resulted in a decrease in asset value. Not only did the champion team's token price decline, but even the losing team's Inter Milan fan token $INTER also saw a significant drop. This phenomenon reveals a common and important trading strategy in the cryptocurrency market: 'buy the rumor, sell the news.' Fan tokens fell before and after the match. After Paris Saint-Germain's victory, the official fan token $PSG did not rise but instead fell, while the Inter Milan official fan token $INTER also experienced a significant drop. These fan tokens are issued through Chiliz technology on the Socios platform to promote fan interaction, such as participating in limited governance decisions or enjoying exclusive experiences. According to price data, three days before the final, the price of the $PSG token dropped by 26%, with its market value falling from $25 million to $19 million. The drop for the $INTER token was even more severe, decreasing by 44% during the same period, with its market value shrinking from $11.4 million to $6.4 million. Even after Paris Saint-Germain confirmed their championship, the price of $PSG continued to decline initially. Fan tokens: unable to reflect real entertainment value. The special positioning of fan tokens in the market: despite having fan interaction features, they behave more like highly volatile micro-cap assets in trading, with prices influenced far more by market sentiment and short-term trading behavior than by fundamentals. The underlying phenomenon remains the short-term buying and selling in the cryptocurrency market, where traders buy assets in anticipation of a positive event (such as an important sports event and favoring a certain team) happening, using market optimism to drive up prices. Once the event occurs, regardless of the outcome, traders will sell their holdings to realize profits. For fan tokens, significant events serve as clear catalysts, providing ideal conditions for the 'selling the positives' strategy. Due to the relatively small size and low liquidity of the fan token market compared to mainstream cryptocurrency markets, such concentrated buying and selling behaviors are more likely to trigger severe price volatility. This is not an isolated case; after Manchester City won the Champions League in 2023, the fan token $CITY also dropped about 30% the next day, proving that this pattern is not uncommon after significant events. Data also shows that in the weeks leading up to the final, the $PSG token had significantly surged, with its market value increasing by over 60%, confirming the existence of the 'buy the rumor' phase. Although prices may briefly rebound post-match due to increased attention from the victory, the overall trend remains dominated by 'selling the facts.' The victory of Paris Saint-Germain in the Champions League final did not drive up the price of its fan token $PSG. This market performance once again confirms the common 'positive selling' trading model in the cryptocurrency domain: market participants drive up prices before an event occurs, and after the event materializes, they sell to profit. For fan tokens, despite carrying emotional connections for fans, they are more often viewed as risk assets driven by short-term emotions and events. How to enable fan tokens to reflect real sports and entertainment value and to create additional effects for invested fan tokens remains a significant area for improvement in the industry.