"Our lights are still on, but there's hardly anyone on the street." Seeing this sentence reminded me of Huanghe Road in the novel *Blossoms*. In 1990s Shanghai, on the night Zhizhenyuan was besieged, Li Li stood at the top-floor window, looking down at the dense crowd of creditors demanding payment. Binance now seems to be experiencing that famous "siege of Zhizhenyuan." "After the Great Heat, there will surely be the Great Cold." The art of extracting profits has always been like this. When the market is good, everyone is generous, spending lavishly. Exchanges taking those small fees is like Zhizhenyuan charging a table fee—perfectly justified. But when the market changes drastically, and 20 billion US dollars vanish in hours, that invisible profit-taking becomes the most glaring evidence of wrongdoing. Retail investors need an outlet for their anger, competitors need a way to share the spoils, and regulators need a presentable altar. "On Huanghe Road, everyone is waiting for someone else to stumble so they can make room for themselves." But they forget that Zhizhen Garden is what anchors the entire Huanghe Road. If the tallest neon light goes out, this street will revert to its dusty, old-fashioned state. We are all experiencing those 8.8 seconds. Jumping off a roof takes only 8.8 seconds. Binance's predicament is actually a transformation of the entire industry. The true "Bao Zong" (a term of endearment for a prominent figure) isn't any one person, but everyone who, after recognizing the fading of prosperity, is still willing to hold onto their faith. "Back then, I couldn't see her clearly; ten years later, I still can't see her clearly, but I see myself clearly." $BTC {future}(BTCUSDT)