I came across some data yesterday that almost made me laugh to death.

A certain Web3 project just launched, with a market cap of 20 billion USD. How much revenue? Zero. How many users? 3,000.

Among these 3,000 users, airdrop hunters registered dozens of accounts each. The real users might only be a few hundred.

20 billion USD, brothers. What does that mean? Higher than the market cap of many listed companies. Yet, they don’t even have a decent product.

The project team is also talented. They wildly distribute tokens through airdrops, fearing that airdrop hunters won’t come. And when the hunters do come, each one creates dozens of accounts, frantically farming for rewards.
What’s most surreal? Now, the standard for judging whether a project is good or bad has shifted from vision, technology, and business model to: "Has the airdrop been distributed? If less was given out! No dumping allowed!"

It’s like I open a bun shop. You try the free sample, and still complain that I paid you too little. The key is, I actually paid you.

Web3 is now in this messed-up state. The project team spoils users like giant babies. Users have also gotten used to getting something for nothing.

Everyone is acting. The project team pretends to build a career, users pretend to experience the product. In reality, one wants to make money, the other wants to farm for rewards.

Such Web3 will collapse sooner or later.

Truly valuable projects should be ones that users are willing to pay to use. Not ones where the project team subsidizes heavily just to attract users to farm rewards.

🔥 Current Market Guide (2026 Passive Income Edition)

BTC: Yesterday, it moved sideways and oscillated. During holidays, it’s always like this. 2026 will be a bear market year!

Some NB: Weak decline trend, there will be a TGE after the holiday, and the price will rebound. Be sure to clear your positions!

ETH: Fluctuating below 3000, nothing much to say. Reduce positions on rallies, see you in the next bull market!

Some important news from yesterday:

1. Strategy stock closed at $151.95 at year-end, the first six consecutive months of decline after adopting the BTC treasury strategy.

2. Bitcoin’s Q4 2025 return rate was -23.07%, the second worst in history, Ethereum was -28.28%.

3. Bitcoin’s 10-week and 50-week moving averages crossed again. If history repeats, a deep correction may occur.

4. Tether’s BTC reserves reached 96,185 coins, with an unrealized profit of $3.524 billion, making it the fifth-largest BTC wallet.

Back to today’s daily BTC technical analysis: Looking at the K-line, the 1-hour and 4-hour levels are bullish, 12-hour is sideways, daily is sideways, intraday resistance at 92,000, support at 85,000 USD.

Disclaimer: Personal operation diary, not investment advice! This article contains a 50% anti-Buff indicator. If the market hits you, don’t come looking for me. #DrHan2025年终公开信 $BTC $BTC $ETH