It was expected that Zama would end up like this, but I didn't expect it to happen so quickly. This should be the last Token project in the crypto space that raised over a hundred million dollars... it also marks the end of narrative-based altcoins.

Alright, let's see if anyone can't withstand the storm now, whether it's Bitmine or someone else, it's highly likely to be revealed in the next two weeks.

One root cause of the 1011 incident is Chen Zhi and Qian Zhiming, who are among the long-term "Holders" that got into trouble. This has debunked the narrative of BTC as a safe-haven asset for a group of people. In the long run, the unique attributes of BTC and the crypto space have turned it into a playground for various big players. The incidents involving SBF at the end of 2022 and Chen Qian at the end of 2025 have both led to intense turnover of chips. After such events occur, the usual situation is that short-term buying steps in, waiting for price discovery before long-term buyers take over. When they find that prices aren't rising, they tend to cut losses and exit. For BTC right now, the price has hit bottom, and short-term buying has stepped in. However, the institutions that were supposed to act as long-term buyers have not continued to enter the market. On one hand, the 1011 incident was too severe, and they need to assess the impact and whether similar events will happen in the future. Cathie Wood, after three months of silence, pointed directly at Binance, indicating that they believe Binance is partly responsible for the 1011 incident. Without clarifying this single-point risk, they are hesitant to continue playing. On the other hand, assets like gold have seen significant gains and have a larger capacity, offering greater potential for short-term management fees. As asset management institutions, they will prioritize allocating and promoting these assets. Thus, when short-term buying pushed the price to 97K, there were no new buyers to follow up, and funds flowed out to more profitable U.S. stocks and gold. At this point, BTC was neglected, leading to a decline in liquidity and a subsequent crash. Typically, during such times, native buying in the crypto space needs to step up to fill this gap. We can see Bfx whales continuously increasing their holdings, and Binance responding by converting its insurance fund into BTC to boost confidence. Is there risk in building positions at this time? There certainly is, and the core issue is whether similar unexpected events like the Silicon Valley Bank collapse will occur. Transitioning to the present, it’s about whether there are larger geopolitical unexpected events that could impact the crypto space.