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Yilihua analyzes the four major reasons for the winter in the primary cryptocurrency market and calls on project builders and leading CEXs to take joint action to reverse the downturn

Liquid Capital founder Yi Lihua published an article discussing the current state of the cryptocurrency primary market. He stated that the main reasons for the decline of the cryptocurrency primary market are: "First, the narrative has collapsed; from white papers to institutional endorsements to TVL manipulation, the basic market is no longer buying in. Second, there is a supply imbalance; now there are tens of thousands of projects, and it is extremely difficult for excellent projects to emerge. Third, the 1 plus 3 unlocking mechanism essentially targets VCs, allowing projects, market makers, and exchanges to run first. Fourth, the cost of listing coins; now primary projects require high valuations and large financing mainly because of several leading centralized exchanges going live, with an average cost needing tens of millions of dollars."Yi Lihua believes that industry leaders need to truly focus on building, such as improving the coin listing selection method on Binance. Under the current model, even if Vitalik Buterin's ETH were to come today, it would not be able to list on Binance. Additionally, the 1 plus 3 unlocking mechanism should be completely abolished; VCs bear the greatest risk and should not be burdened with the worst unlocking terms, as the success or failure of a project is fundamentally not determined by VCs.Finally, cryptocurrency projects need to return to real revenue and buybacks. The sustained prosperity of the U.S. stock market over the years is primarily due to performance growth and the encouragement of shareholder returns. This is what industry leaders should be doing, allowing secondary market investors to truly find quality projects.

Ansem: During a bull market, strong altcoins will continuously emerge, and one should keep looking for opportunities for excess returns

Cryptocurrency trader Ansem posted that frequently monitoring the market and judging price trends based on 15-minute candlesticks can easily lead to overtrading. Investors should manage their spot, perpetual contract, and high-risk on-chain trading accounts separately, and should not attempt to catch every local top and bottom, as this may harm long-term investment returns. Instead of frequent trading, it is better to study historical bull markets and observe how long upward trends typically last.The upward cycles of altcoins are usually faster, often outperforming the market for 4 to 6 months, after which new market leaders emerge, especially after a market capitalization growth of more than 10 times. However, there may be a few exceptions in this cycle: some altcoins may see significant revenue growth alongside price increases, thus their fundamentals may improve simultaneously.In past cycles, altcoins primarily peaked due to shifts in market attention and weakening momentum, but in this cycle, if some projects experience substantial changes in revenue and other data, institutional funds may continue to buy actively, and investors need to adjust their original judgments in a timely manner based on new information.In the last cycle, Bitcoin bottomed out in January 2023 and peaked in October 2025, with an upward trend lasting about 33 months. If this cycle bottomed out in July, it is currently only in the 4th month.It is believed that in a longer-term bull market, multiple "mini-bulls" led by specific altcoins will emerge, and investors need to identify these phase-strong assets and continuously reinvest profits into high-performing targets, allowing short-term winners to gradually transform into long-term investments.
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