The last few months showed that this market has changed

Too many moves went red, and this no longer looks like "well, unlucky"

And there’s a feeling that the familiar bull market might not happen at all. At least not in the form everyone is used to

Almanak as the main leader, -70% of entry point on Legion

And then down the list: almost everything that launched over the last 1-2 months after TGE is dumped -50% or worse

At the same time, they keep selling us sales as if the market is still ready to absorb them

Spoiler: it’s not

Many of these ICO look like outright trash from day one, and yes, the market and time will piss on them even more

Hating is allowed and necessary, not out of anger, but out of common sense

Because pretending that "this is normal" just means continuing to feed people losses

At the same time, for fairness: there were good launches too

That’s exactly why it’s especially clear where there’s a real product, and where it’s just an attempt to catch a train that’s already leaving

One example is Theoriq, it showed a pretty solid go-to-market in this kind of market

Good launches exist and will continue to exist, because they have:

- a clear use case
- real demand before TGE
- a reasonable valuation

But those that are overvalued will most likely just converge to their real price

At the same time, long-term products like @idOS_network are moved their TGE to Q1 2026

They’re saying that the conditions for a go-to-market aren’t great right now, and I fully agree with them

In fact, if a project is going to market right now, most likely they’re doing it purely out of panic

A lot of people are sitting in the red and waiting: "fuck, at least let me get back to entry point"

But the market is not required to return the price to where you feel comfortable

And some tokens will never see their TGE prices again (most altcoins, most likely)

It also matters a lot that there are too many new projects, but not enough fresh liquidity

Liquidity is mostly circulating within a very limited circle of CT, passing it around, taking it back, hard PvP among those still left in this market

The bull market may return, but it won’t save everything like before...