A few days ago, I had tea with an old-timer who has been in the crypto circle for nearly eight years. He stared at the K-line and sighed:

"Gold, US stocks, and Bitcoin are all soaring, looking lively on the surface, but in reality, the big players have already offloaded. Now it's just waiting for retail investors to rush in and catch the last wave."

This remark instantly reminded me of that feast in 2021. When Bitcoin nearly hit $70,000, a bunch of people around me were envious and chased the high, only to see their accounts shrink by half in just a few weeks.

Why is it that the craziest times in the market are also the most dangerous? That day, he shared some profound underlying logic with me—something every newcomer must hear.

**First: The market is actually like a water reservoir; the essence of a sudden surge is to attract emotions.**

As soon as the profit effect appears, everyone starts pouring money in, raising the water level higher and higher. Suddenly, one day, a big player lets go, and liquidity dries up instantly. Whether it was March 12 or that big plunge later, the crash is like a dam breaking—over in one night. But to refill this pool? It takes countless retail investors slowly stacking up, which can take a very long time.

**Second: The hype around altcoins is 90% a liquidity trick.**

Project teams boast extravagantly—"Tenfold potential"