The biggest feeling in crypto over the past few months isn’t the bear market—it’s that this whole coin-game table isn’t worth sitting at anymore.

Aside from $BTC and stablecoins, everything else is just noise. Even MSTR—the biggest buyer of btc—looks like it’s on the verge of disaster.

Anyone who’s been playing cards for years knows the signs that a table is starting to rot: the fish slip out of sight, and the sharks start devouring each other. That’s exactly where the crypto world is right now. Retail investors are fed up and don’t show up anymore; KOLs wash each other; VC puts money into their own people. As the zero-sum game shrinks, there’s less and less left over. Then the bosses shut the doors and split the spoils.

Look up at the US stock market: a single day’s swing for NVDA can swallow 18 HYPE / 4 SOL / 1.5 BNB + XRP. Apple’s profit in one hour equals the protocol revenue of certain L1s over half a year.

Over here, we’ve gone through the full cycle of “narrative rotation”: NFT, Meme, L2, AI Agent, RWA, Restaking—each one is just a remade version of the same script: set up the scheme, call in the orders, have retail take the bags, hit zero, then swap in the next one.

The problem is: everyone has already seen it.

The essence of the game hasn’t changed, and that’s fine—but everyone has figured out the rules of the table, and no one is willing to play with you anymore. That’s what’s deadly. It’s not that there’s no market—it’s that nobody believes the next story anymore.

Before people entered crypto, most of them came from capital-pool schemes and pyramid schemes, and they had never seen anything good. Only after they actually sat at the real US stock market table did they realize that an industry can have real cash flow, real demand, real growth—and you can make money without having to rely on storytelling.

Once you’ve experienced that kind of absurdity, you can’t go back.

Most fatal of all: this has already become the consensus in the minds of most veteran players. People who are still digging in where they are and shouting “When will the bull market come?” don’t just “not know”—they just can’t turn back.

In the future, 90% of what will remain in crypto will be: BTC + stablecoins + a very small number of protocols that truly generate revenue.

As for the rest—they’re already over. It’s just that they haven’t collapsed yet. #RWA总市值突破650亿美元