The changes in the crypto market over the past few years can be summed up in one sentence: the opportunity window is narrowing.

If I had to summarize the easiest time to make money, it would be from the beginning of 2023 to the first half of 2024. At that time, the market atmosphere was different; whether it was mainstream coins or various altcoins, the gains from the bottom were considerable, and the risk-reward ratio was relatively friendly.

The problem is that many people were still watching at that time. During the rebound in 2023, most people felt it was just a technical correction, nothing serious. The ones who truly dared to enter the market were actually the ones who later recognized the signals of a bull market – they bought Ethereum at high prices and also invested in various altcoins, resulting in them reaping the rewards.

But the turning point of all this came at the moment the expectations were fulfilled. The ETF approval was finalized, the path for institutional participation became completely clear, and the compliance direction of the entire ecosystem was also clarified. Almost everything that was supposed to come has arrived.

At this point, the problem arises—when all the good news has already been reflected in the price, the market loses its reason to be "pumped" further. If it continues to drop, faith alone won't save it; what truly matters are the market structure and the capital game.

Saying this is not to deny the market, but rather to express a reality: different stages have different play styles. Some market conditions are driven by future expectations, while others completely devolve into a confrontation of emotions and funds.