The Napo waterfall has completely transformed the entire market ecosystem.

Many retail investors have been wiped out due to margin calls, and some big players and market makers haven't been spared either. Even more heartbreaking is that a large number of investors are trapped, and the remaining ones are just watching. As long as new funds enter the market, they mainly target mainstream coins like Bitcoin and Ethereum, and few dare to touch altcoins. Frankly, the appeal of altcoins has significantly declined.

Where is the root of the problem? The market confidence has collapsed. It's not just about account shrinkage; more importantly, retail investors' trust in the entire crypto space has hit rock bottom.

So how to break the deadlock? In theory, exchanges, big players, and project teams work together to pump the market, injecting new expectations so that retail investors dare to re-enter. But in reality? These top participants have already made a fortune from previous rallies and have no motivation to throw money into rescuing the market. When that wave of operations happened, they already knew the consequences—retail investors would gradually exit, leaving only institutions, big players, and market makers to gamble on mainstream coins.

This is not accidental but an inevitable evolution of the entire market structure. Retail investors have been filtered out, and everyone has a clear idea of what the future main players in the crypto space will look like.