4.2 Core points: 1. Binance clearing inventory, the end of shanzhai is approaching Binance's recent frenzy of coin launches (such as PUMP, KERNEL, GUN) may be aimed at clearing backlogged projects. Future or open market model: keep the good ones, take down the bad ones directly, and 90% of counterfeit coins will be reduced to zero. Market makers retreat (such as CZ sister Zhao Changfei has already withdrawn), liquidity dries up, and altcoins may fall another 90% 2. Tariff expectations have been digested, and market reactions have been lackluster* At 4:00 a.m. on April 3, Trump announced the tariff policy, but the market has responded in advance (the US stock market rebounded, and BTC rebounded). Negative sentiment may have been priced, short-term fluctuations or limited. 3. Binance reaps market makers, and the collapse of counterfeit markets intensifies Binance reduces the leverage of altcoins, leading to market makers' liquidation (such as ACT and MASK crashes). The outbreak of liquidity crisis will accelerate the death of non fundamental shanzhai. 4. Truth about the crypto market: Only Bitcoin is real, CEX altcoins=on chain soil dogs with extended cycles, ultimately 99% will return to zero. The false prosperity has ended, the market has returned to rationality, and funds have only flowed into a very small number of high-quality projects. Summary: Stay away from knockoffs, only take value coins Binance policy+market maker withdrawal=counterfeit liquidity crisis, cautious counterfeit bottom fishing. After the implementation of tariffs, the market may rebound briefly, but the trend of imitation is dead