I'm mainly focused on Bitcoin and Ethereum right now, and for altcoins, I'm watching DOGE, LTC, BNB, and HSK. These are the main targets I'm observing in the crypto space. For altcoins, I think we need to expand into some popular meme coins—maybe that'll make things clearer. The recent liquidity drought in the crypto space is mainly because the 'scythes' are too sharp. It's all about constantly dumping the coins they issued, exchanging them for everyone's hard-earned money. The motives aren't hard to guess. It's like running a new platform, raising funds from investors. Rich people aren't stupid—they'll look at all your data, make sure you're not cooking the books, and even send people into your company to keep an eye on things. Investment agreements often come with performance clauses: if you make money, it's equity; if you lose money, it's debt. The crypto space is way too friendly to these internet-born entrepreneurs. Every trader, when they're young and ambitious, feels like the market is their personal ATM. For crypto project teams, the secondary market is truly an infinite ATM—no money? Just sell some tokens. The secondary market seems to have endless cash. But in the end, it's all chaos, and before you know it, you see the same people popping up on the resumes of new projects. Take HSK, for example. Activities and employee salaries are mainly paid in HSK. Those who receive rewards from activities or employees need to eat, so naturally, some of them will sell. This creates selling pressure in the market. When people notice this selling pressure, they won't hoard but will wait for lower prices before considering buying in. Slowly, this leads to a negative feedback loop. But actually, for a platform as a company, the core is still making money. If it truly makes money, there will be buybacks, dividends, and benefits for holders, which will create a hoarding trend and a positive feedback loop. Most crypto projects don't have real cash flow—they just rely on concepts to trick you into taking over their bags. Even if the project logic makes sense, without competitiveness and with losses piling up, it's destined not to last.