2026-01-15 21:21:21

Recently, many so-called hot projects have experienced a sharp plunge. Some projects didn't even issue a "maintenance notice" and collapsed silently—dumping, retreating, and chaos everywhere. This is not an isolated case. Friends around me who used to be enthusiastic about chasing high returns have recently become quiet. The cost of chasing excess returns is too high, small-cap liquidity has bottomed out, and new coin issuances are even less attractive.

What does this market fatigue reflect? An old cycle is coming to an end. The speculative games once driven by narratives and emotions are being ruthlessly "cleared out" by the market. When sharp rises and falls are no longer surprises but become daily harm, investors start to realize a fact: a more realistic question than dreaming of 100x returns is—how to keep funds alive steadily, or even slowly but surely appreciate in this uncertain market.

The industry is undergoing a transformation from "hype" to "real yield capture." The clear sign of this shift is that the market has moved from the first half's "story-driven" phase into the second half's "delivery and compliance-driven" phase. Simply put, funds and attention are shifting toward protocols and models that generate real, sustainable cash flows.

The most concrete evidence is in stablecoins. During the market volatility of 2025, the total market cap of stablecoins grew by over 50% against the trend, surpassing $310 billion. They are no longer just trading tools but have become the "shadow dollar" system of on-chain economy—serving as the main channel carrying future trillion-level liquidity.

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FloorSweeper

· 8m ago

ngl, this capitulation phase is *chef's kiss* for anyone who actually reads on-chain data. while your "friends" are getting liquidated on leverage, stables pumping 50% is literally the bottom signal screaming at us. paper hands leaving = accumulation opportunity, but sure, keep chasing narratives lmao

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SatoshiNotNakamoto

· 2h ago

Finally, someone has spoken out. The death of these air coins is really losing face more and more. --- The friends circle's retail investors are now starting to realize it. This market cleanup is quite harsh. --- The surge in stablecoins this time is incredible. It really feels like the sector where people are bottom-fishing. --- Instead of waiting for a hundredfold increase, it's better to stay alive first. That hits hard. --- From storytelling to cash flow, this shift essentially means it's time to pay off debts. --- The liquidity bottoming out for small tokens is no exaggeration. I've seen several projects with no one in their reserves. --- What can be said about the $310 billion stablecoin market cap? The main channel is right in front of us. --- Those projects that collapsed silently probably had their managers run away. That's a huge disrespect to investors. --- The cleanup of speculative games should have happened long ago. Quality screening has begun. --- So now, the reliable approach is to look for things that can truly generate cash flow?

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DataChief

· 2h ago

To be honest, after this round of cleansing, who is still dreaming of 100x? Staying alive is the hard truth.

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ImpermanentPhilosopher

· 2h ago

Ha, yet another batch of zeroed-out guys, same old tricks. Stablecoins are the real main characters, this time I finally understand. Dream of 100x returns? Wake up, brother. Small coins have long been ignored, liquidity is painfully thin. Delivery and compliance? That’s the future gameplay. The story can’t be told anymore, the market is starting to be picky. Those who chased the highs before are now all silent, hilarious. Stablecoins have broken 310 billion, this is a signal. From hype to cash flow, the essence of business has returned. Silent collapse, more heartbreaking than any announcement.

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BearMarketGardener

· 2h ago

The most common response is "Let's wait and see." No one dares to go all-in anymore. That's reality.

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LiquidationOracle

· 3h ago

I've long seen through it; only the rookies still chase the highs. --- Stablecoins have reached 310 billion? That's the real flow of safe-haven funds. --- Those projects that are constantly hyped up in social circles are now truly silent. --- From stories to cash flow, this round of reshuffling is truly ruthless. --- It's normal for small coins to lack liquidity; if they deserve to die, they will. --- Those still dreaming of 100x gains probably will suffer even worse losses later. --- Stablecoins have surged 50% against the trend, indicating that smart money is retreating. --- Not even a maintenance notice, just running away? This industry ecosystem is really rotten. --- There are probably few people still chasing new coins now; everyone has learned to be smart. --- One cycle has ended; who knows when the next cycle will come. --- The phrase "compliance-driven" is a bit optimistic; it still depends on policy signals. --- The time to bottom out hasn't arrived yet; continue to observe.

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FreeRider

· 3h ago

The group of people who chased the highs recklessly are now scared, indicating that this round of cleanup still needs to continue. Stablecoins have surpassed 310 billion, which is truly the real wealth code. No matter how good the story is, it can't compare to cash flow.

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