The biggest feeling in the past few months is not a bear market, but whether the crypto circle is still worth continuing to sit at this table.

Currently, aside from $BTC and stablecoins, everything else is noise, even the biggest buyer of BTC, MSTR, is on the verge of collapse.
A sign that a circle is starting to rot: fish get exposed, sharks eat each other. The crypto world is now in this state.
Retail investors are tired of getting cut, KOLs are washing each other, VCs are investing in their own people.
Zero-sum games have fewer and fewer funds left, bosses are closing doors and dividing the spoils.
Looking up at the US stock market: the daily fluctuation of a single NVDA can swallow 18 HYPE / 4 SOL / 1.5 BNB + XRP;
Apple’s one-hour profit equals the protocol revenue of some L1 projects over half a year.
Here, the "narrative rotation" has gone through a cycle: NFT, Meme, L2, AI Agent, RWA, Restaking, each one is just a remake of the same script:
First set up the game, then call the orders, retail investors take the bait, it resets to zero, then switch to the next.
The problem is, everyone has seen through it.
The essence of the game remains unchanged, but everyone has seen the rules of the table, and no one is willing to play along.
That’s the real problem—not the lack of market, but that no one believes in the next story anymore.
Most people who entered the crypto space before came from Ponzi schemes or pyramid schemes, never saw good things.
Only after sitting at the real US stock table did they realize that an industry can have real cash flow, real demand, real growth—making money without storytelling.
Once you’ve experienced that absurdity, you can’t go back.
The most fatal thing is: this has become the consensus in the minds of most veteran players.
Those still stubbornly holding on and shouting "When will the bull market come" don’t lack awareness—they just can’t turn back.
In the future, 90% of the crypto space that will remain are: BTC + stablecoins + a few protocols that truly generate income.
The rest are finished.