Recently, many frens have asked, "What do you think of the market trend?"

To be honest, I don't understand the market this past month.

Looking back at history, each round of price increases actually has a simple and understandable main line, which is that the public is willing to be attracted by narratives.

For me, it's hard to judge at this stage; starting from the ETF, Bitcoin and other coins are already completely two different worlds.

The longer the market waits, the more cautious it will become.

Currently, the following points are being considered:

First, the performance of the U.S. economy, including the U.S. dollar, U.S. Treasury bonds, and U.S. stocks, is now linked to Bitcoin and U.S. stocks. In this regard, we should pay attention to Buffett. Will cutting interest rates really solve the fundamental problem? The scale of borrowing and money printing is too large; any action is merely a delay.

Secondly, the structure of institutions and retail investors. The issuance of coins by Trump at the beginning of the year can be considered the most groundbreaking event. It's easy to say that it was profitable, but unfortunately, there hasn't been a simple wealth effect in the past six months, which naturally led to insufficient participation.

Thirdly, the narrative in the crypto world lacks essential innovation this round, with a shortage of interesting and fun elements. All day long, we can only focus on macroeconomics and Trump hype, which, to begin with, was also for trading, even the strategic reserves are the same.

Fourthly, in terms of project expectations, it is essential to correctly understand both the positive and negative aspects at all times in order to make informed decisions.

Taking $ADA as an example, regarding #Cardano governance and development, what is important now is whether everyone is in agreement and united; debates are completely normal.

Although the philosophy has always been the same, the roadmap has been adjusted so many times, and the specific progress includes some concerns that everyone has, which have not been fundamentally resolved. The degree of openness and transparency is also too low, making it very difficult to maintain this trust in the long term.

Telling a story is certainly easy. Since 2018, every surge has had a clear logic, and this round has seen the crypto market reshuffling.

Do you prefer "coins" or "money"?