Looking at the "currency stock" market of US stocks, it is very similar to Yunbi.com in early 2017. At that time, there was no Binance, and Huobi and OK only had BTC and LTC. Yunbi is an altcoin exchange run by Li Xiaolai, with a very good coin selection aesthetic and is the first to launch ETH. There are only a dozen coins on the website: BTC, ETH, LTC, ETC, NEO, SIA...... When the currency circle gathers, everyone only buys these few, because there is nothing else to choose from. Later, 17 years of mad cow came, NEO rose 1,000 times, and the others also increased dozens of times. Looking at the US stock market now, there are only seven or eight "currency stocks" with a market value of more than 3B, and most of them have only one target for each track. Want to buy an exchange? Only Coinbase. Want to get Bitcoin? Only MicroStrategy. Want to match stablecoins? Circle is the largest family. Many people say that Circle is overvalued. But when the entire market is a stablecoin target, do you want to configure this track, you can't be on high PE? The current "currency stock" market is like Yunbi.com in 2017. The target is scarce, the fluidity is concentrated, and the narrative is highly focused, and everyone is holding a basin to pour water into the same pool.