Why do holders feel their market value is small

To put it simply, they confuse paper assets with real liquidity.

Are there many wealthy people in the crypto world? Not necessarily. Many people think "everyone is a millionaire," but they are actually counting the paper value of the coin price.

The common calculation is: monthly income of 10,000 yuan, holding 50,000 USDT in the wallet, and also hoarding $BTC and $ETH worth 1 million dollars—so they say "my assets are over 1 million."

This illusion that "everyone is very rich" is completely a false image inflated by the recent bull market bubble.

And then the memes started:

"An average holder of a certain coin has assets worth a million"

"All $BTC in the network combined could buy the entire Nasdaq"

Now, being "rich" means: how many $BTC this guy has hoarded, how impressive that is. But the paper value of the coins and the actual cash that can be realized are two different things.

The simple truth is—there's simply not that much capital in the market. For example, if you're selling mining machines on a forum, and there are only 100 units in total, and all players' wallets combined hold only 5 million, then the maximum price per machine is about 50,000. Even if there's high demand, the total purchasing power is only 5 million.

You can't sell for more than 5 million because there simply isn't that much money.

Previously, the idea that "everyone is getting rich" was entirely driven by exchanges and lending platforms—they can "lend coins" to you. Once liquidity dries up and lending stops, the coin prices immediately halt trading or plummet.

So, some individuals can get rich quickly with $BTC, but it's impossible for everyone to get rich just from coin prices. For every person who gets wealthy through trading, there's a buyer who loses because the coin price crashes.

That's the truth.