Binance has launched contracts for Tesla and other US stocks, which in essence is a major negative for altcoins.

The idea that altcoins have a 'long-term value approaching zero' has gradually become an implicit consensus between exchanges and retail investors. After repeated harvesting of projects like $MYX and $RIVER, retail investors are not only unwilling to buy altcoins anymore, but even their interest in shorting is rapidly fading—because even the volatility itself is disappearing.

When an asset has neither bullish sentiment nor bearish interest, its existential significance is essentially over.

Cryptocurrency exchanges have begun to intensively introduce US stock targets, essentially placing 'computable assets' and 'pure narrative chips' side by side in the same trading scenario.

What are US stocks? They are companies with real businesses, cash flows, financial reports, and can be valued;

while the path of most altcoins is: financing → issuing tokens → continuous selling pressure, where the core function is not to create value, but to consume liquidity.

When these two types of assets compete for funds and attention in the same market, the outcome is almost certain.

On one side are assets that can be accounted for, verified, and compounded over the long term;

on the other side are chips supported by stories, with extremely short cycles and continuously collapsing expectations.

Where the funds will flow to doesn’t require much analysis.

This represents a typical 'dimensionality reduction strike' for altcoins.

Altcoins themselves are a game of existing stock with limited liquidity, and now they have to compete head-on with strong fundamental assets like US stocks, which will only further accelerate marginalization and clearance.

However, from a longer-term perspective, this may not be a bad thing.

Let the projects that should go to zero actually go to zero, allowing the market to complete a thorough cleansing, perhaps it is a necessary prerequisite for the cryptocurrency industry to restart.