Personally, I feel the speculative cryptocurrency market has entered its second half. Several coins that surged rapidly around May Day are now declining, with only a few heavily manipulated ones still holding at 1B+. There are several reasons for this: Firstly, mainstream altcoins are gradually gaining traction in the market, and OIs are being heavily invested in. With other options available, people are less willing to chase after speculative coins. Secondly, after several major players, everyone's market capitalization threshold has increased. They won't short sell until a relatively high level is reached, and arbitrage funds are becoming smarter and avoiding fee-based strategies. It's difficult for market makers to find counterparties. Finally, the previous batch of successful market makers have more projects on hand simultaneously, and it's uncertain whether their funds are sufficient to cover them all.