The crypto circle is a constantly changing landscape, with major shake-ups every few years. It may seem like old players are leaving the scene, but in reality, most are just accounts nearing explosion and choosing to deactivate. The data speaks for itself.

The real turning point came after the launch of 100x contracts. From that moment on, everything changed — it was no longer investing, but gambling. There are no permanent winners in a casino; as long as you're playing with high leverage, liquidation is not a risk but an inevitability.

How do small platforms survive? Their tactics are very old — continuously attracting new users and then absorbing their losses. That’s their business model.

Looking at the true veterans, they hold their private keys and never keep coins on any exchange. Because they’ve long understood — exchanges are unsafe; self-custody is true ownership.

Now, major Wall Street institutions are frantically accumulating and absorbing positions. When will their appetite be satisfied? That’s when the real show begins. The industry consensus is that $120,000 is the true starting point of a bull market. Until then, everything is still in the brewing stage.