The bear market has arrived, and the market is filled with gloom everywhere, even stablecoins are showing signs of negative premium.

Not long ago, 1U could be exchanged for 7.1 yuan, but now it’s only 6.8 yuan, a clear shrinkage. But honestly, such fluctuations are not something to worry too much about; the USD to RMB exchange rate naturally fluctuates by a few points, which is within the normal range. When the interest rate hike cycle arrives, U will return to normal.

This is the beauty of stablecoins — at most, they shrink a little and will eventually recover. The real heartbreakers are those altcoins; once they fall, they may never rise again. A project worth over 500U today might be worth less than 100U in a few months, and that’s true despair.

So, holding U tokens doesn’t need to be worried about; in a few months, 1U will still be 1U. But holding altcoins, you need to think about life.

Ultimately, market rules are quite cruel: assets that are flocked into by the crowd will inevitably fall into a mess. Most people will always lose money. The projects that can truly survive are those closely related to users’ daily lives and widely used. Anything that was once glamorous but is no longer used will gradually exit the stage of history.

The essence of investing is buying low and selling high. The key is to focus on price valuation, not on news. Good or bad news usually only triggers short-term fluctuations and cannot change the long-term trend. True excess returns often appear during extremely bleak market conditions when everyone’s confidence is shattered.