In the cryptocurrency market, the combination of high fully diluted market cap (FDV) and low circulating supply can easily lead to investment risks. FDV assumes all tokens are in circulation, which is often overly optimistic, especially for new projects. Taking Arbitrum (ARB) as an example, token unlocks caused its price to plummet, demonstrating panic selling. Historical projects like Filecoin and ICP suffered heavy losses due to high FDV and low circulating supply. Investors should compare market cap with FDV, pay attention to unlock schedules and project fundamentals to avoid being deceived by false prosperity.