#CHZ This doesn't feel like a short-term pullback; it's a confluence of multiple bearish factors: narrative invalidation + sector losing favor + positive news already priced in + weak broader market:

1. Short-term: World Cup hype fades, funds take profits and exit, technical breakdown leads to persistent slow decline;

2. Medium to long term: The fan token business model fails to generate sustained demand and lacks real value; capital continues to exit the sector, making sustained large-scale rallies unlikely.

Investing involves risks; be cautious when entering the market.