#市场情绪 Recently, market sentiment has indeed been somewhat subdued. After seeing analysis reports indicating weak demand for Bitcoin, I have to admit that this is a signal worth paying close attention to. The shift from accumulation to net selling in ETFs, the increase in large holder positions breaking below trend lines—these data points clearly show that the previous wave of demand driven by spot ETFs, election expectations, and treasury companies has been gradually absorbed.

But I want to share a different perspective—short-term market sentiment fluctuations are actually the best opportunity to observe the long-term value of Web3 and crypto assets. A bear market is like natural selection; it filters out bubble projects lacking fundamental support. However, protocols and communities based on decentralization and solid use cases tend to accumulate more loyal participants during this phase.

History has shown us that such demand deterioration also occurred before the 2022 bear market, but this does not mean the story is over. Instead, it’s a preparatory phase for the next cycle. The key is to maintain the right mindset, continue learning and building, and wait for a new wave of demand to arrive. Rather than obsessing over short-term price fluctuations, it’s better to think about what will truly drive large-scale Web3 adoption in the future—DeFi’s financial democratization, DAO’s organizational innovation, or SocialFi’s reshaping of social relationships?

Believe that winter nurtures spring.