Recently, a large number of new projects have emerged in the crypto space. Looking at these bizarre and strange token names is like walking into a chaotic trading market—various voices are everywhere, and the quality varies greatly. Some project teams are even too lazy to do any packaging and directly wave their sickles to harvest the leeks.

The current global macro environment has changed significantly. Signals such as lower-than-expected US non-farm payroll data and widening trade deficits indicate market uncertainty. In this context, many retail investors are easily attracted by the high gains of new coins but overlook the fundamentals of the projects themselves. From the performance of meme coins like POL and PEPE, market enthusiasm remains high, but bubble risks are also accumulating.

MSCI's stance on digital asset treasury companies reflects the cautious attitude of institutions towards this track. Crypto enthusiasts must be clear-headed: do your homework, verify the true value of projects, and don't let enthusiasm turn into losses. Keep your eyes open and tighten your pockets—this is the hard truth to survive.