Shanzhai is not driven by value, but by market makers and liquidity providers. #比特币行情观察 Many people are still watching the K-line and asking why it’s falling. In this stage of altcoins, the K-line has no meaningful reference. Without market makers, depth, or liquidity, it’s just free fall. The current altcoin market is like the entire sector being disconnected from power; once power is restored, it will be obvious which fans can still turn and which will crash and explode on the spot. Because new market makers and new social funds won’t take over trash projects, they will only choose leading projects that can quickly resume operation. The bottom of altcoins has never been a single point; it’s a whole period. A decline doesn't mean it can instantly rise, and during emotional collapses, what looks like the bottom isn’t truly the bottom—it's the vacuum period when market makers are dead, project teams are lying flat, and new market makers haven’t entered yet. Right now, we are probably in this stage.