Why did VC coins collectively stall even though ETH approached a new high? What is the problem? The essence of the problem can be seen from two aspects: supply and demand Supply side (seller) issue: Many projects are issued using a low liquidity and high valuation model. This means that initially only a small number of tokens are traded in the market, which can easily drive up prices and create the illusion that the total project valuation (FDV) is very large. But subsequently, a large number of locked tokens will continue to be released to early investors and project teams, who tend to sell for cash, thus creating a huge and sustained selling pressure, smashing the price curve all the way down. Demand side (buyer) issue: The newly added funds in the market are now more willing to invest in two extremes: Blue chip assets with strong certainty, such as Bitcoin (BTC), Ethereum (ETH), and related ETF products, are considered large cap stocks that can represent the overall market direction. Meme coin, driven solely by popularity and stories, has extremely high elasticity and can bring huge short-term returns, attracting a large amount of speculative funds. When we are looking forward to BTC ETH breaking new highs, let's take a look at the fundamentals of the VC coin market: During the week of August 4th to 10th alone, the total value of unlocked tokens exceeded $535 million, with a cumulative unlocking of over $800 million within two weeks. Even by 2025, US regulatory agencies will still emphasize that tokens that meet the characteristics of investment contracts (especially those raised through pre-sales and promised future output by centralized teams) face extremely high securitization risks. In the past year, the trading volume and return rate of Meme coin have significantly exceeded that of most VC coins with practical functions At present, it seems that in order to save the current VC coins, one may really need to learn the destruction method of OKX boss.