Orange Evening Interpretation 10.29 This market is too fantastical. You call it a bull, right? However, except for a few new highs in the top tier such as Ethereum and BNB, many knockoffs are still at historical lows. Even the liquidity of old coins on CEX is even lower than the bear markets in 2018 and 2022. Even Binance has many daily trading volumes of less than 500000. It can be said that no one is watching except for a few market making robots. But if you say it's a bear market, the funds in the market are still very thirsty. I've heard the four words' capital efficiency 'countless times on X today. The last time I heard this was probably during the DeFi Summer period in 2020, when AC issued countless projects with the unified pursuit of capital efficiency. A bull market is like this, afraid that your limited funds will be invested in Project A and miss out on the high returns of Project B, and naturally block out so many listings. There is no one to take over the market, and there is a risk of loss for the funds you invest. So from this perspective, the current market is indeed a bull market, but the bull is not CEX The customer service of Binance during the 1011 period said that there is no problem with using outdated old coins. The value of counterfeit coins is already zero, but I would like to add that unlisted counterfeit coins have value. This is also why people keep new coins that have already been listed on Binance and have a market value of only 100-200 million yuan, and do not buy them. They have a special preference for projects that may be listed on Binance but have a market value of 1b in the public offering stage. Because people bet that they can reach 2b or 3b in the week before going public, and they can make profits in the early high volatility and high heat period. However, if the market value is still 1b after going public, Then people won't buy it because when the heat is at its highest, your coin doesn't even rise, and buying it is likely to lead to a takeover. So now people are obsessed with chasing projects that have raised tens of times more in the primary market, just for the fear of going public. Those projects that have already landed all the good news don't have this expectation. This is why the primary market is currently booming. Of course, after all that has been said, in the current market, apart from playing this, the certainty of playing anything else is too low. With a capital of 1M, you can't just squat and rush through memes every day. In the meme world, Buffett's arrival may only be a appetizer for the front end. Binance Life, a type of coin, can be stable at over 250 million yuan, and it is said that the front end has already paid the deposit fee and is about to be deposited into Binance spot. This shows that the current market has a strong bank that surpasses thousands of troops. No matter how good your skills and prospects are, without the support of a strong bank, it is difficult for you to escape, and it is very likely that you will be given projects that are not as good as you but have more money, resources, and market making skills. Swallow it, so for ordinary people who fight alone, meme can only be said to make a small fortune by taking a gamble. The real source of large funds is still the primary market or directly mainstream currencies. There have been too many projects in the past few days, and I clearly feel like I don't have enough money. For example, Megaeth needs to invest 18.60000 yuan to get an account, but now it's over raised by more than ten times. The final amount you can get is only a few thousand dollars, which is actually a wealth management product; Then the zkpass on @ kaitoAI also mentioned yesterday that it was also invested by Binance, with an over fundraising of 26.5x. There is no reason not to throw away the money, and then throw away another 100000. Now there is also the second round of @ JoinFightID, with a fundraising of 150000, which has already exceeded the fundraising by more than ten times. This is in cooperation with UFC, Cz went to UFC a few days ago and took a group photo with the man behind Trump, Bai Dana, and posted a tweet. The two men would talk about something, not how to get money. So he did not support the UFC project, and this also had to throw money, and then throw 10w; this did not say that the MMT of the previous day, the buidlpad project, must be put into money security, first do LP, and then invest, which is also a wealth management product. This over raised 18x, and put 18w into it for 1w; the above several together will be close to 60w, and then there will be the next big play, assuming that you did not save in the first round, in fact, if If you have the opportunity, you should fill the first one at 1m. Because the second round is more demanding, you should be a high-quality wallet, that is, you have a large amount of money, participated in the management of other high-quality DEFI, and you should also be KYC, On this basis, there are also single number limits and total amount limits. In any case, it will be extremely difficult to invest this time, which may be different from financial management. If you are lucky, you can directly invest, but if you are unlucky, you won't get any money; Joining you still has money, and the @ reflectmoney incubated by a16z today is also saving money, with a limit of 10m. It will be fast or slow soon, and this is also acceptable; Then there is the AC new project big truck @ flyingtulip, which has raised 200 million yuan and is also a funding monster; Another big truck, @ CantonNetwork, which is on par with Monad, has raised hundreds of millions of dollars in financing. Many investment banks have rushed in, and this is also a must-have project. There are more projects ahead. In short, the current market is dry and dry, flooded and dead. Financing of 1 meter for 1 meter with resources may not be enough, while financing of 1 meter for those without resources may not be enough. If you have money, I suggest everyone is rushing forward. Nowadays, the funds are very professional, and there are basically no golden projects that will be missed. unpopular projects will inevitably have some disadvantages that you don't know, and the risks are even greater.