#美国非农就业数据未达市场预期 The previous logic was simple: when a certain coin lands on a top-tier exchange, it's like a shot of adrenaline, and a surge in price is common.

Now, it's different. Listing on an exchange has become a countdown—popularity wanes, funds withdraw, and prices fall back, with this old script playing out repeatedly.

The issue isn't the declining quality of the coin itself, but that the role of the entire trading ecosystem has changed. Exchanges have evolved from "wealth creation machines" into "liquidity tools"; they are no longer launchpads for project takeoff, just venues for trading.

This is a signal of a market shift.

Want to survive in the new cycle? You must first abandon the outdated mindset of "listing equals takeoff." Truly valuable things come from the project's own innovation and real-world application, not from the exchange's platform. The sooner you realize this, the more opportunities you'll have to operate.