The state of inscriptions can now be described as "building high towers, hosting guests, and the towers have collapsed." In the early stages of the bull run, inscriptions once flourished due to their topicality and scarce narrative, with leaders like Sats and Ordi becoming the star assets sought after by many. Sats' market capitalization peaked at nearly $2 billion, and there were high expectations for it to become the gas coin of the UniSat platform, even setting a market cap target of $100 billion. However, as market sentiment receded and the bubble burst, the overall ecology of inscriptions quickly cooled down, with Sats experiencing several 50% slumps, and its current market capitalization even falling below $10 million.

What is even more sigh-inducing is that not only inscriptions, but the entire Bitcoin ecosystem has fallen into a state of silence. Aside from a few struggling L2 projects, the rest are like pyramids in a desert—majestic yet isolated, with nothing growing around them. Some say Sats and Ordi are the weeds in the cracks—alive, but hard to thrive. Although this metaphor is painful, it is not without reason. Inscriptions, as an attempt, have brought the possibility of NFTs and inscription expansion to Bitcoin, representing a decentralized cultural experiment. However, when the hype fades, the real value support appears weak, and the ecosystem lacks sustainable blood generation capacity.

As for whether to be optimistic about inscriptions? To be honest, right now it's a "cautious wait-and-see". Inscriptions rely more on narrative rather than utility-driven factors. In order to turn things around in the future, there needs to be new application scenarios, development support, and capital patience. Whether to continue holding inscriptions depends on whether you are a speculator or a believer.