Risk assets are starting to retreat, bubble assets have significantly depreciated, liquidity has been halved, and the frequency of major price spikes is increasing—this is already a sign of the end of the cycle. Think about this: in extreme conditions, how much capital would it take to make a $1.5 billion market cap project drop 80%? Not naming specific projects here, but the situation with altcoins at the time was pretty much the same. You can open the intraday chart of any altcoin on an exchange to verify. Under extreme conditions on 10/11, between 05:10 and 05:20, within just 10 minutes, a trading volume of $10 million could cause a project with a total market cap of $1.5 billion and a circulating market cap of $500 million to drop 80%. Contracts, leverage, and the resulting liquidations undoubtedly intensified the entire process. With liquidity halved, the market cap maintained by the order book becomes even more fragile. In a bear market with a lack of liquidity, it might only take 1% of the funds to crush a project. On the flip side, for a project with a $100 million market cap in Binance Alpha, the liquidity pool is roughly $1.5 million, with an even smaller proportion in USDT. But you’d still need to absorb all the selling pressure from Binance Alpha airdrop users first. After that, maintaining the market cap would only require holding the price on the order book. However, the lack of liquidity and sparse buying in a bear market makes such a collapse much easier.