Looking at the "crypto stocks" market in the US, it resembles Yunbi in early 2017. Back then, there was no Binance, and Huobi and OK only had BTC and LTC. Yunbi was a cryptocurrency exchange created by Li Xiaolai, known for its good coin selection aesthetics, and it was the first to list ETH. The website had only about ten coins: BTC, ETH, LTC, ETC, NEO, SIA... During gatherings in the crypto community, everyone only bought these few, as there were hardly any other options. Then came the bull market of 2017, where NEO surged by 1000 times, and others at least multiplied by dozens of times. Now looking at the US stock market, there are only about seven or eight "crypto stocks" with a market cap of over 3 billion. In most sectors, there is usually only one representative. Want to buy an exchange? Only Coinbase. Want to hold Bitcoin? Only MicroStrategy. Want to hold stablecoins? Circle is the only major player. Many people say Circle's valuation is too high. But when the entire market has only one stablecoin option, how can you avoid a high PE if you want to invest in this sector? The current "crypto stocks" market is just like Yunbi in 2017. Scarce assets, concentrated liquidity, highly focused narratives, and everyone pouring water into the same pool with their buckets.