I recently spoke with several leading market makers and VC executives, and we have some harsh but real consensuses to share: 1/ Altcoins are dead, narratives must prevail. A year ago, I said VCs were no longer investing in Web3 Tier 1 tokens; now it's even more so. The 10/11 black swan event was devastating for altcoins. The risk-reward ratio for retail investors in altcoins is extremely poor. Please, don't even dream about an altcoin boom. Exceptions? Infrastructure projects with real resources, such as stablecoins, RWA, and payments—but these projects are highly unlikely to issue their own tokens. 2/ The DAT bubble is bursting. Long-tail DAT tokens are struggling to find real buyers. Recent deals are all in-kind "token-for-equity" swaps. From the perspective of project teams, token holders, and financial advisors, they are willing to invest in DAT because they can raise funds and make money; however, from the investor's perspective, whether you were a private investor before DAT's IPO or a sucker after it went public, you're likely to be the one getting fleeced. 3/ Current Strategy: Recognize the Stage, Caution is Best Practices Trading is quite difficult now. It's not the kind of "blindly buy" opportunity it was a year or two ago, but it's not the "blindly sell" bull market peak either. A bull market peak would be a time of more mindless market frenzy, not the current fearful state. (NFA below, please DOY) ▪️ For those with no open positions: Some friends have approached me, planning to allocate 5-20% to BTC. I think it's a good idea; the BTC/gold exchange rate is currently low. ▪️ For those fully invested/leveraged: I've said it repeatedly, immediately reduce leverage and shift to a defensive strategy. ▪️ For those with half-invested positions: Remain unchanged and wait for the right opportunity. 4/ Post-1011 Aftermath: The Market Needs Healing Exchange weekly trading volume has generally decreased by 20-40%. MMs have also been "hurt" to some extent in this wave. Some large MMs have been liquidated due to leverage; I won't name names publicly. Large funds are more risk-averse, and everyone needs time to consolidate and recover. In summary: Bull markets are born in despair and grow amidst hesitation. We are currently in the "hesitation" phase. Abandon get-rich-quick fantasies, stay in the market, and prioritize survival.