#数字资产市场动态 Market surges and plunges again, are you starting to doubt your holding strategy? This is the "high Beta attribute" of $BTC and the entire crypto ecosystem at work—volatility far exceeding that of traditional stock markets, with macro trends causing sharp swings.

There are a few hidden factors behind this recent market movement:

**Liquidity is still king**. The growth of global central banks' money supply remains a key driver pushing up risk assets (including cryptocurrencies), and this logic hasn't changed in the short term.

**The boundary between traditional finance and the crypto world is blurring**. The performance of US stocks, especially Nasdaq, is increasingly correlated with the cryptocurrency market—almost sharing the same fate and rhythm.

**Funds are quietly reallocating**. The meme coin sector, known for pure speculation, is losing steam, as money flows toward areas with real yields and solid fundamentals—DeFi, RWA, and other sectors are starting to attract attention.

What does this mean? **The era of simple long-term holding (HODL) may really be over**. Now, it's about "holding smartly"—keeping a close eye on the Federal Reserve's moves, sensing shifts in traditional financial markets, and identifying projects within the crypto ecosystem that can generate cash flow and have the capacity to sustain themselves.

Chasing excess returns in a volatile market is indeed exciting, but perhaps there's another kind of "excess return" worth pondering—value created rather than traded. This may test investors' resolve more than any price increase.