Recently analyzed a set of real trading data from various exchanges and drew a conclusion: the current market is like a giant "dive arena."

Numbers speak for themselves—out of hundreds of tokens, 330 have fallen more than 80% from their all-time highs; even when looking only at those halved or more (50%+ decline), there are a full 382. What does this mean? It indicates that the vast majority of projects are "blood flowing in the river."

Looking at the market cap distribution:
- $10 million - $100 million tier: 18
- $100 million - $300 million tier: 115
- $300 million - $500 million tier: 61
- Even the "big players" with over a billion market cap, 140 are stuck in the mud

This is quite heartbreaking. If you listen to the stories and get excited, fearing to miss out and FOMO into the market, what’s the probability of stepping into the "ankle cut" or even the "zero pit"? Over 90%. This is no longer trading; it’s a "token survival game." Surviving and walking out alive is already a win.

But from another perspective, the "death" of coins has always been like this. Bulls and bears cycle, projects gradually turn into "dust of the era." The ones that truly survive multiple cycles and remain recognizable are always a tiny few monsters.

This is called—"The graveyard of innovation, also the cradle of miracles."

Every year, new concepts and hot topics emerge from nowhere. People rush in excitedly, but by the end of the year, most quietly exit—yet it’s precisely this brutal "survival of the fittest" that produces real winners each cycle, laying the foundation for the next story.

So, although this data is frightening, it also hints at some realities: don’t blindly believe in "bottom fishing," because you might be catching the falling knife.