2017's September 4th, 2020's March 12th, 2021's May 19th—these three black swan events were all caused by external factors. But the black swan event of October 11th, 2025, was entirely an internal self-destruction within the crypto space. Over the past few days, I've seen so many people feeling extremely, extremely frustrated, even considering leaving the space altogether. Among them are quite a few OGs. A customer service rep's comment—'The original value of altcoins is zero'—completely tore off the veil, shattering countless people's convictions . The future looks bleak. Exchanges, driven by profit, will continue listing countless altcoins. Project teams, also driven by profit, will keep churning out endless altcoins. But in this dark forest, retail investors no longer have a place. Looking around, all you see are hunters with their eyes on the prey, ready to strike mercilessly at any moment. The wheels of history roll forward, crushing the bones and remains of countless people. In the distant forest, the hunters light their bonfires once again, singing and dancing, weaving new tales of wealth to lure fresh little animals into the trap...