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#Gate广场四月发帖挑战 Crypto Market: Structural Crisis Beneath the Boom
The current crypto market is facing severe structural challenges. Although the overall market capitalization remains, the average token price has dropped by about 50% since 2021. Market returns are overly concentrated in a few leading assets like Bitcoin and Ethereum, while the vast majority of tokens are weak in value.
The myth of stablecoins is also collapsing. Data shows that less than 1% of on-chain transactions have a genuine payment background, with over 99% being "watered-down" transactions such as internal accounting, protocol splits, and speculative trading, which do not truly serve the real economy.
Even more concerning is that Bitcoin is showing signs of the end of a bear market. On-chain sentiment indicators have fallen into an extremely pessimistic zone, signaling that the market may face its final deep cleansing. Investors should be highly alert to potential downside risks.