The valuation premium brought by emotional premium is often terrifying, and outsiders do not understand the valuation logic system of the cryptocurrency industry From a historical perspective, low circulation ➕ High valuation is an effective model, and assets with weaker liquidity can rely on emotional premiums to reach high levels From the perspective of liquidity issues, the encryption industry can also apply this model. When the leader of niche assets gains the mass liquidity of the US stock market, all valuation systems will return to common sense From the familiar phenomenon of trading contracts, why does trading contracts tend to fall -The most basic background is that contract liquidity and trading volume are the main components now, and spot asset liquidity is tight. Currently, it is a PERP bull market and a Spot bear market -When liquidity entered directly, the low liquidity foam was broken, and many people also took the above as the profit limit target, and the price began to fall due to the decline in the profit limit of spot sales Fundamentally speaking, liquidity still cannot support a sufficiently large spot market, and there is no effective logic for outsiders to enter and believe in the composition of valuation logic within this ring