At 3 a.m., I checked my wallet—my PFPs were still up, the floor price hadn’t moved, but the lively discussion in the group had already fizzled out. This round of ETF inflow and US stock risk appetite were being discussed as if they were tied together; it felt like everyone was betting on macro sentiment, and nobody was really looking at the project itself. The whole membership-brand narrative is, frankly, a long-term battle for attention—but once the short-term FOMO passes, how many people are actually willing to pay for “identity”? I’m not really sure. In any case, I’ll keep waiting in the queue and see who moves first.