Some thoughts on web3:

1: Weak market narrative: The current narrative style of the cryptocurrency market is severely polarized. On one end are unattainable ceiling-level concepts such as AI and DePIN, and on the other end are bland and low-end stories that are difficult to arouse interest. This "big pie" narrative is not only difficult to digest, but also difficult to resonate with the market. The market urgently needs a new and touching story to lead the direction.

2: Bottleneck of technological innovation: Although technological iterations continue, the market seems to be facing an innovation drought, lacking the kind of revolutionary breakthroughs that can subvert the industry and reshape the rules of the game. Many projects are just minor repairs within the existing framework, which is difficult to ignite the enthusiasm and expectations of the market.

3: Decline in confidence among practitioners: Once upon a time, the cryptocurrency market attracted students from top universities around the world and elites from large technology companies to join. However, this attraction has now significantly weakened, and many former industry believers have begun to feel confused, and even have the intention to withdraw and turn to other fields for development.

4: Market impact of ETFs: The rise of ETFs has changed the ecology of the cryptocurrency market. The price trends of BTC and altcoins and the bull-bear pattern of the entire market may have undergone profound changes. BTC fluctuates at a high level, while altcoins continue to fall, and the market pattern becomes more complicated.

5: Market value diversion between L2 and token public chains: The emergence of a large number of L2 projects and the public chains of issued tokens have double squeezed the market value of ETH, causing ETH prices to be under pressure and market position to face challenges.

6: Industry leader fault: Once upon a time, the remarks of industry leaders led the market vane. However, many former leaders have gradually faded out of the public eye, and there is a lack of new leaders within the industry to lead the direction. The market voice tends to be diversified but lacks a unified leading force.

Recently, I saw Musk puppies on the Ethereum chain, and the funds moved abnormally, which is worth paying attention to. #加密市场反弹 #BTC重返10万 #美联储12月降息预期上升 #XRP逆势反弹 #puppies $DOGE $PEPE $NEIRO