North American institutions are starting to write about bear market psychological therapy, with the core view that "altcoins are no longer followed" has become a structural issue.

The first two rounds of token issuance collected taxes for ninety years, and now institutions and exchanges are shouting like Nietzsche, "Reevaluate all values," trying to value protocols like traditional software.
The problem is that the gold-backed currency can't be exchanged for RMB, and the old and new valuation systems are clashing. This round of token issuance is indeed awkward.