Every day, the screen is flooded with the message 'Cow Returns Quickly', and the air is filled with the smell of breaking through the K-line. But looking down at the account, especially those "potential knockoffs" who rush onto the new platform, how does it feel like they've been stuffed into a slow cooker? Is the opening of a new project the peak? Then activate the infinite bearish mode, occasionally feigning a rebound, just to trap more 'bottom fishing' hands. Occasionally popping up a 'monster coin'? When FOMO rushes in, it immediately performs a "high platform diving", accurately harvesting the last bit of enthusiasm. Are individual investors collectively 'lying flat'? It's not that I don't want to rush, it's that all the bullets have been fired and my confidence has been worn out. Looking at those wildly drawn K-lines, I just want to ask: What new script is it this time? 1. Fund siphoning: Real big shots' money may lie in BTC, ETH as a safe haven, or play high magnification contracts. The 'living water' flowing towards the new shanzhai cannot sustain the dream of a vast ocean. 2. Excess projects and inflated valuations: There are even more projects than leeks, and the opening valuations often benchmark against the peak of a bull market. The foundation is foam, how high can the building be built? The bearish trend is just a slow motion of value return. 3. Retail PTSD: Being cut too many times, leaving a deep memory. My first reaction when I see a pull sale is not 'rush', but 'trick me into taking over again? My enthusiasm is exhausted, only vigilance remains.'. Has the bull market become a smokescreen to cover up shipments? The loudest bull may need you to take over the knockoff in his hands. So, what kind of comprehensive cow is this? It's more like a combination of structural market trends, local dog frenzy, and the "chronic death" of most knockoffs. The market is evolving, and the gameplay is changing. The era where blindly trying to imitate and become rich may be gone forever. Don't expect every new coin to be a hundredfold myth. Study and study again, it's better to miss, don't buy the wrong one. Project fundamentals? Team? Actual progress? Or just shouting orders? In a bearish trend, buying at the bottom is like taking a flying knife with bare hands. Pay attention to the flow of funds: Where did the money go? BTC？ ETH？ Layer2？ Or is it some hidden track? Keep your bullets safe and wait for the market to truly choose its direction, or for panic and despair (which may be an opportunity). So bull market? Perhaps on the road, but definitely not a rising bull with rain and dew evenly spread. For altcoins, especially new ones: beware of the bearish trap under the slogan of "bull market". Market heat ≠ your earning effect. Calmness is more precious than fanaticism. Do you still have bullets to charge into the knockoff? Or choose to wait and see?