The fragmentation of the market has become significantly more severe in this cycle:
during the DeFi summer, degens, VCs, and secondary institutions basically looked at similar targets, performed similar analyses, and used similar trading tools.
However, in this round, p is p, VC is VC, base is base, and sol is sol. Whether it's the trading targets, analytical methodologies, trading facilities, or even the pretentious news that comes out, they can no longer understand each other.