Watching FLOW drop 450 times from its peak, I can't help but ponder a question: Are we witnessing the end of the altcoin era?

In fact, this is not an isolated phenomenon. Observing the recent market, it becomes clear that many projects follow the same pattern—peaking immediately after launch, then falling into a prolonged unilateral decline. The root cause is simple: valuations are all front-loaded, while liquidity is gradually drying up.

The underlying structure of the market has undergone a fundamental change. In previous years, projects were scarce, funds were abundant, and sentiment could support everything. Now? Projects are countless, funds are seriously dispersed, and sustained buying pressure simply cannot form. No one is willing to take the other side, so prices inevitably decline.

What’s even more painful is that the essence of altcoins has evolved from growth assets into pure zero-sum games. In plain terms, it’s a game of chip transfer—someone makes money, someone loses money. The golden era of abundance is gone; today’s altcoins are just a final contest for liquidity.

In comparison, the importance of certainty assets becomes more apparent. BTC represents consensus, ETH stands for the ecosystem, and BNB has real cash flow support. Altcoins? Only early-stage projects or those with strong narratives can offer opportunities.

So the conclusion is clear: buying altcoins now is not investing, but gambling on not being the last bag-holder.

The market has given us the best lesson. Impulsiveness in a bear market is a big taboo; keeping your wallet tight is more important than any operation.