Markets never move in a straight line; they only cycle through ups and downs.

Having been in the industry for nearly ten years, I’ve seen too many predictions claiming "this time is really different," and I’ve witnessed each of these predictions end in failure. Last year’s crypto market was indeed bleak—even with supportive policies for digital assets, cryptocurrencies still ranked as the worst-performing assets. But this is far from the end of the story.

The current pessimistic atmosphere is something I experienced in 2018 and 2022 as well. The narrative that "altcoins will go to zero" can be heard in every bear market. The problem is, during those moments of despair, real opportunities are often brewing.

**Liquidity is the true game rule**

After ten years, I’ve come to a core understanding: what drives the crypto market is never technological iteration or application breakthroughs, but liquidity. This lesson was learned through bloodshed.

On the surface, 2025 looks tough, but some signs are already emerging. Michael Hartnett, Chief Strategist at Bank of America, pointed out a key piece of information: the Federal Reserve quietly buys $40 billion worth of short-term bonds every month. In other words, it’s prolonging the life of an already dried-up financial system.

More importantly, by 2026, the Fed may be forced to fully loosen monetary policy. Just look at the performance of bank stocks in the US stock market now—it's increasingly reminiscent of signals from the end of 2018. Once liquidity-sensitive sectors start to rebound, the entire market landscape will change.