The crypto market is shrouded in a very passive atmosphere.


Even in the current regulatory cycle, new believers have not escaped being rekt.
$BTC From a high near $126000 in October 2025 to about $58000, ETF investors' average cost is approximately $83000.
$ETH Even worse, the average cost of spot ETH ETF holders is around $3500, now floating around $1600.
In July, the total unlock volume of altcoins is still $376.39 million, of which PUMP's single unlock is about $116.7 million, accounting for about 20.3% of its market cap.
Additionally, total stablecoin supply has declined for the first time since Q3 2023, falling to about $312 billion, with yield-bearing and crypto-collateralized stablecoins retreating, and Ethereum L2 stablecoin supply also experiencing its largest quarterly decline since Q4 2022.
No one in the community discusses the future of blockchain and crypto.
The entire crypto market is a near-total failure across the board.
PUMP3.22%
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