The crypto world is "killing" itself, but have you noticed?

This weekend, the market is repeating the same script of "decline - panic - cut losses." BTC is struggling around $76,000, and the K-line of altcoins makes your heart skip a beat just by a quick glance.

But more frightening than the decline is another uncomfortable reality: this market is running out of "new things" to play with.

Do you think there are still projects lining up to issue tokens every day? Wrong. That’s just the "zombie projects" funded 1-3 years ago going through the motions—issuing tokens, giving the team and investors an explanation, then basically lying flat and waiting to die.

This is the truth: **the primary market has long been "out of supplies."**

**Data doesn’t lie. Over the past four years, the number of early-stage funding deals in the crypto industry has plummeted by over 60%. The truly native projects that can issue tokens—public chains, DeFi, social apps—are rapidly drying up.

Even more heartbreaking, even those veteran crypto funds established after 2017 are seeing dismal returns, with DPI (real cash returns to investors) approaching zero. Money is invested but can't be withdrawn. The industry's self-sustaining mechanism has already stalled.

So what’s left to hype? Many say: Meme coins.

But today’s Meme coins are no longer about "the next Dogecoin" story. They’ve become pure "attention gambling"—their lifespans are measured in days or even hours, competing over who runs faster and who gets in late. They’ve become more professionalized and brutalized, no longer suitable for ordinary people’s "value investing."

Altcoins are dying, Meme coins are mutating, and for us regular folks who want to keep playing sustainably, where’s the way out?

Good news is, the smart money in the industry has already started "looking outward" for new ways to play. And two paths have already been paved.

First path: Bring "external assets" on-chain and trade them directly.

Simply put, "trade everything on-chain." Gold, silver, US stock indices... these traditional financial assets are being "tokenized," turning into familiar trading pairs in crypto.

Last week, during the silver frenzy, a decentralized platform called Hyperliquid saw daily silver trading volume surpass $1 billion, directly boosting its platform token.

What does this mean for us? The speculative targets have changed, but the logic remains seamless. Previously, we studied unlocking tokens and tokenomics; now we analyze financial reports and Federal Reserve rates—essentially, we’re still "betting on volatility and arbitraging." The battlefield is bigger, and the stories are more diverse.

Second path: Turn "external events" into bets, and wager directly.

This is the explosion of prediction markets. Who will win the US election? Will Tesla’s next earnings report be good or bad? These "uncertainties" have become tradable assets themselves.

The brilliance lies in how perfectly they fit the current dilemma of "new coin supply shortages." There are fewer new coins to hype, but the world’s "big events" are still plentiful. You no longer need to painstakingly research a project or guess if good news will pump the price. You simply bet on the "outcome of the event": will it happen or not?

This lowers the information barrier and amplifies the thrill of betting. Last weekend, despite a major market plunge, prediction market trading volume hit a new high against the trend. This already indicates the trend.

So, the future is here.

The altcoin era is coming to an end, but speculation never sleeps. The smart money is shifting from "hype new coins" to "hype everything" and "hype events."

This is not just about adding new products; it’s a fundamental shift in speculative logic. Those who can see and adapt early will be able to survive the next wave—and even thrive.

When the old blood stops flowing, new veins are connecting. Don’t just stare at those despairing K-lines; outside the battlefield, a new game has already begun.

(Follow me for more insights into new strategies and wealth secrets.)#比特币反弹 #当前行情抄底还是观望？