Regarding the intense volatility of the crypto market, the root cause is not so simple. However, there is a phenomenon worth noting: during an upward cycle, ample funds and overwhelming confidence lead to stronger and stronger players, forming a typical winner-takes-all pattern, with various capital parties celebrating together. But the problem is, once the market switches to a downward mode, there are no rules to catch the falling. At this point, contraction effects and stampede behaviors will multiply several times, and the original prosperity instantly turns into panic. To put it plainly, this kind of sharp fluctuation around the kill line is an inevitable social cost accumulated after the market pursues maximum efficiency and unlimited capital appreciation. As a certain anime character said: eternity will bring wear and tear. The cruelty of the cycle probably means this.