$AVAX dropped by 90%, yet it can still rank in the top 20. This valuation isn’t cheap—it’s just trapped investors’ positions as the “wake” is starting. The float is only a bit over 60%; the remaining 40% of chips are like a sword hanging over everyone’s head. The 狗庄 (market manipulators) can’t even be bothered to fabricate excuses to keep pumping. On the contract side, the funding rates are already negative—takers sell into bids to push down, while buy orders keep getting hammered; shorts lie back and collect money. With things like this, what “turnaround” is there? I always believe in the idea that when things reach their extreme they will swing back—but right now, it hasn’t even hit bottom yet.