There is no new currency market, only a contract market Why did the on chain market lose to the on exchange market? Because the odds have changed This round of 'high control and low circulation' is completely different from the previous round. This round is a contract driven market, which has nothing to do with the fundamentals and narrative of the project itself. Think about it, did you refocus on Binance Alpha and contracts after achieving great success in short selling on MYX and Memecore? The interpretation of "high control, high market value, and low circulation" in this round of the market is not simply "light cars are easy to pull the market" or "chips in the hands of dog dealers will smash the market", but only high control is prone to short selling. On the chain, due to the same launch method and similar chip allocation and structure, the only winning strategy is to buy early, which is destined to prevent the vast majority of people from winning But Binance Alpha is different. Some choose to airdrop generously, while others choose to backstab the community. The result is that the chip structure is very different, and both long and short positions have food to eat. The collective pouring of new coins, short selling strategy is a bull market; On the contrary, short selling leads to a general rise in spot prices and a bullish trend. So don't just say that the internal market has disappeared when you see FF or Mira pouring in. The root of the internal market has never been in the spot market All you need to do is remember: the banker always takes the easiest path to cash out, and the one between spot and contract can provide the fastest exit liquidity, so which market value method will definitely occur Based on this understanding, I believe that: 1. New coins must closely monitor the relationship between the trading volume/bottom pool on the spot chain and the growth of contract OI, in order to roughly determine which side is the exit liquidity 2. Pay close attention to the Perp DEX of major public chains, especially the types of long tail assets that can quickly cover native CEX contracts. Binance adopts the Alpha+contract strategy, which is also used by every public chain (essentially they are all exchanges)