Written by: Deep Tide TechFlow
The Shanghai Composite Index has broken through 4100 points.
This is a new high in 10 years. Starting from the end of December 2025, the market has seen 16-day winning streak, the last time such a trend appeared was in 2006. Retail investors flooded in, crashing brokerage servers with pop-up messages.
This is a screenshot of Guotai Haitong's "Fuyi" trading software shared in some crypto chat groups.
Regardless of whether the image is real or not, the FOMO sentiment towards A-shares during this period is certainly real.
If it is real, it's not actually new in the A-share market.
When the market heats up, the software crashes. In 2025, the trading volume reached 400 trillion yuan, and the total market capitalization broke through 100 trillion yuan, both hitting historical highs. Too much money, the servers can't handle it.
But you can complain all you want, money is still pouring in.
At the same time, what is Crypto Twitter discussing?
On January 11th, X's Product Lead (and Solana advisor) Nikita Bier posted about a planned feature called Smart Cashtags. Simply put, it allows users to tag specific tokens or smart contracts in their posts; others can click on the tag to see real-time prices, and potentially trade directly in the future.
Planned for launch in February.
KOLs got excited. Some analysts said this could make X the entry point for stock and crypto trading, others suggested collaborations with Solana memes, and some called it a key step towards mass adoption.
Bier himself said that X is the best source for financial information, and "hundreds of billions of dollars have already been deployed" based on information found on X.
Hundreds of billions of dollars.
But he didn't mention how much was lost, or how many people lost money.
Let me ask a question: Is what crypto lacks an "entry point to check prices"?
CoinGecko, CoinMarketCap, DEXScreener, various Telegram bots, various exchange apps, various market aggregators... Open any of them, and you'll find prices, charts, market cap, holder distribution—everything you need.
How competitive is this sector?
Even wallets are adding market features, afraid you might click on another App while checking prices.
Now, they say that X building a "click-to-see-price" feature will save adoption?
Every bear market, someone says we need a better on-ramp.
In 2024, they said we needed ETFs. ETFs arrived, Bitcoin hit new highs, but altcoins still moved sideways, with on-chain capital lying flat.
In 2025, they said we needed more institutional entry. Institutions came, Strategy bought hundreds of thousands of Bitcoin, altcoins still showed no movement.
Now they say we need the traffic gateway of social platforms.
The question is, during the 2017 bull run, were there Smart Cashtags? During the 2021 wave, did X have trading features?
No. People came anyway.
Retail investors aren't staying away because there aren't enough entry points. It's because they got wiped out last cycle, or there's no赚钱效应 (money-making effect) this cycle.
Why did A-shares manage to crash servers?
A 16-day winning streak, 4100 points, the赚钱效应 (money-making effect) is visible to the naked eye. Retail investors vote with their feet; they don't need anyone to "save adoption".
Why is crypto waiting for X to save it? Because it can't attract people on its own.
This is a reversed cause and effect. It's not "with a better entry point, people will come", but "with a赚钱效应 (money-making effect), people will break down the doors to get in, even if the entry point is subpar".
Where the profit is, there the people are.
Not where the platform is, there the people are.
When Musk bought Twitter in 2022, he talked about making it an Everything App.
More than two years have passed, features have been teased one after another—from payments to trading to financial services—but few seem to have actually launched.
Smart Cashtags is said to launch in February.
How many new users it will bring, how much trading volume it will convert, we can wait and see.
But before that, I suggest first checking if X's own servers are stable. After all, when A-share software crashes, it's because too many people are rushing in.
When crypto exchanges crash, it's usually because people are running away too fast, rushing out.
