The current Crypto Assets market has undergone tremendous changes. Unlike the past when it solely relied on narratives and emotions, the market today is more complex and profound.

When you observe the trading interface, if you find that the front row is filled with buy orders but there are no signs of any large holders, this may be a dangerous signal. On social media, if you see a lot of warnings not to buy a certain token, you should be especially cautious.

The current market has shifted from simple narrative-driven dynamics to a complex game. The core is no longer the project's story or vision, but rather the intricate calculations surrounding the chip structure. In this environment with limited capital stock, those who control the chips can influence the market direction.

In such an incrementally scarce and structurally dominated market, investors need to change their mindset. It's not about you picking projects; it's about projects looking for buyers. If you cannot discern the chip structure, you are likely to become a tool for others to cash out.

Therefore, when evaluating a project, do not focus too much on its surface narrative. The current market is different from the previous period of widespread optimism and abundant funding. We should pay more attention to: who are the main participants? How much chips do the leading players control? Although the narrative can attract attention, the chip structure is the key to determining the future direction of the project.

Finally, be cautious with projects that seem to be uncontrollable. If a project lacks clear leadership and management, it means that no one is responsible for maintaining the market, and there won't be a well-designed price trend. In this case, your purchase might just provide others with an opportunity to cash out.

In this rapidly changing world of Crypto Assets, a deep understanding of market dynamics and chip structure will become a key factor for investment success.