The cryptocurrency market has really changed its flavor now. The stories of "getting rich overnight" used to be common, but they are sounding more and more like fairy tales.

Everyone can sense this change. Remember the craziness in the early days? Just by investing in a coin, you could see hundreds or even thousands of times gains, and lucky ones might see ten-thousand-fold surges. Now? Even a 10x increase requires luck and timing. Many people have endured the entire bull cycle, either earning some pocket money or losing half of their investment, and some have even lost everything.

Why is this happening? Essentially, it's because the game rules and players have changed.

**The Era of Retail Investors Is Now a Memory**

In the past, the crypto space was a carnival for retail investors. Everyone was afraid of missing out (FOMO), rushing in en masse, causing prices to skyrocket. Buying a meme coin or a new DeFi project was a matter of luck, and you could sit back and relax with a win. The entire market was full of uncertainty, but it was this chaos that created opportunities for small retail investors.

Now? The main players are large institutions and big companies. They hold real capital, building positions through exchange ETF products, corporate treasury allocations, and other large-scale investments, mainly targeting heavyweight assets like Bitcoin and Ethereum. As for small coins and meme tokens? They are almost ignored or only selected if they can self-manage their own control.

The result is heartbreaking: new funds are still flowing in, but the feast no longer belongs to ordinary people. It has become "institutions eating the meat, retail investors drinking the soup," and sometimes there's no soup left at all.

**Gentler Gains, Disappearing Opportunities**

The strength of the bull market has also noticeably softened. Looking back at early bull markets, mainstream coins easily achieved 10x or 20x gains, and small coins were even crazier. Now? Achieving a 2x to 5x increase in Bitcoin or Ethereum is already considered good, and reaching 10x is mostly a matter of luck.

Although small coins occasionally pop up and shine, the reality is harsh—the vast majority, about 99%, end up zeroed out. Dead projects always outnumber successful ones.

The once "equal opportunity" bull market scene is almost extinct. The market now shows extreme polarization: either hold tight to top assets like Bitcoin and Ethereum, or gamble in the small coin casino. The middle ground is disappearing.

**Where Is the Retail Investor's Exit?**

This doesn't mean ordinary investors have no chance at all; it just means the game has become more challenging. It now tests your ability to choose wisely: pick the right mainstream coins, increase risk awareness, control leverage exposure, and learn when to take profits. The era of overnight riches through luck is over. Success now depends on strategy, patience, and discipline.