Over the past 12 months, about 70% of cryptocurrencies with a market cap over one billion have become loss-making. What is hidden behind this phenomenon? It seems to tell a harsh truth — altcoins have fallen to the point where "cutting losses anytime doesn't feel wrong."

Honestly, the application layer innovation in the entire crypto industry hasn't produced anything truly impressive. Various narrative concepts are flying everywhere, but market enthusiasm has long cooled down. Compared to Bitcoin's performance, the market composed of these other coins is simply a harvesting machine — the loss-making effect is shocking.

Interestingly, trying to make a living through shorting isn't that easy either. Even the worst assets can suddenly rebound during the process, catching people off guard.

Questions then arise: Why does such a long-term struggling, loss-filled market still survive? Why hasn't it experienced a speculative frenzy like postal currency cards or tea leaf tokens, only to eventually fade away?

My judgment is — the answer lies in the asset issuance itself. The reason the crypto market remains vibrant is precisely because it still maintains the most efficient asset issuance mechanism worldwide, the most diverse issuance methods, and the lowest issuance thresholds. As long as this mechanism is still operating, and issuance activities can still create opportunities, this market will not truly head toward extinction.