#加密货币资金流动# Reflecting on these years of crypto assets projects, I can't help but marvel at the market's rapid changes. Recently, seeing the situation with SharpLink reminded me of some scenes from 2017. At that time, there were also similar companies that enhanced their valuation by holding digital assets, enjoying unlimited glory for a while. However, with market fluctuations, many companies ultimately could not escape the fate of their stock prices falling below their asset values.

SharpLink's current situation reflects the cyclical nature of the entire industry to some extent. The total market value has fallen below the value of its ETH holdings, indicating that investors are not optimistic about its future development. In contrast, the stock price of a similar company, Bitmine, is still higher than its ETH holdings' value, showing that the market views different companies differently.

This phenomenon is actually not uncommon. In a bear market, companies like SharpLink that primarily operate by holding Crypto Assets often face greater pressure. Investors worry that the company lacks other growth points and that relying solely on holding digital assets makes it difficult to create additional value.

Looking back at those years, there were also many projects that accumulated a large amount of digital assets during the peak of the bull market, hoping to use this to enhance their valuation. But when the market turned, these assets became a burden instead. History is always remarkably similar. Today's SharpLink is just a replica of those companies from the past, isn't it?

This reminds us that when evaluating companies related to Crypto Assets, we cannot just look at the digital assets they hold. It is more important to examine their core business, innovation capability, and long-term development strategy. Otherwise, once market sentiment reverses, these companies can easily fall into trouble.

From a longer historical perspective, the cyclicality of the Crypto Assets market is very evident. Each round of bull and bear cycles eliminates a group of companies while also nurturing new opportunities. For us veterans, staying vigilant and observing cautiously may be wiser than blindly chasing after trends. After all, in this rapidly changing market, only through continuous learning and reflection can we maintain an undefeated position in the waves of the future.