To make money from the secondary market, one must first understand the underlying logic of this cycle The overall market rise in this cycle is dominated by ETFs, and may only be dominated by ETFs. The capital introduced by ETFs is TradFi's lazy money. This money is mainly intended to buy Bitcoin now, and may be used to buy Ethereum ETFs in the next step. It has no knowledge or interest in your L1/L2/AI/DePIN/GameFi project. This huge capital is isolated in top tier assets, forming a huge reservoir of value, but it will not easily flood the entire knockoff market like before. Internally, encryption has also created countless independent ecosystems and liquidity pools due to L2, high-performance L1, and various modular solutions. MEME is the customer acquisition weapon for every L1/L2. Forget the logic of the knockoff season that used to be dead handed, the future is only a short-lived, violent, narrative driven ecological knockoff season. When a narrative reaches its climax, sell it without hesitation, even if it continues to rise later. Then exchange the profits into stablecoins or BTC to find the next battlefield to start preheating.