Over the past year, about 70% of all cryptocurrencies with a market cap over one billion dollars have declined. This seems to indicate one thing: the market for altcoins has become so weak that it's "never too late to sell."

It also gives the impression that innovation at the application layer in the entire crypto industry hasn't truly emerged, and the market is increasingly dismissive of various narratives.

If we look at Bitcoin alone, the remaining altcoin market almost exhibits a shocking money-losing effect.

But even so, shorting isn't that easy, because even assets that decline throughout the year can experience sudden rebounds, making it hard to guard against.

So the question is: why does such a long-term sluggish, highly loss-making market still exist? Why hasn't it gradually disappeared like the speculative markets such as postal coins, trading cards, or tea cakes?

I believe the answer lies in the asset issuance itself.
The crypto market remains the most efficient, diverse, and accessible asset issuance platform globally.
As long as "issuance" can still bring opportunities, this market will not truly disappear. #2025Gate年度账单 $BTC