The market is waiting for a signal to change the trend

The current adjustment is mainly due to the selling of some long-term investors represented by miners.

It can be seen that the selling volume this time is obviously less than that in 2017 and the end of 2021, indicating that many long-term holders "carve the boat to seek the sword" and believe that there may be a market in the future

In addition to selling, there is another important reason for the adjustment since April: global liquidity has declined. With less money in the market, asset prices naturally fall back

The next question is, will there be a bull market like in 2017 and 2021 in the future?

It's nothing more than where does the money come from? Where does the ecological demand come from?

Where does the money come from? Basically, it depends on the Federal Reserve. If the US economy has a soft landing, the Federal Reserve will gradually cut interest rates, and a slow bull market will appear; if the US economy has a hard landing, the assets of the entire market may experience a bloodbath, and then the Federal Reserve will start printing money, followed by a rapid bull market

Where does the ecological demand come from? Objectively speaking, this round of cycle has not yet produced a large-scale ecological narrative, which is only driven by ETF funds and meme coins. However, the technology iteration of the crypto market in this cycle is very fast, there are many innovations, and a lot of infrastructure has been built. A large-scale ecological narrative may suddenly appear at some point.

So there is still room for imagination in the future market

At present, Ethereum has great potential to become a platform for RWA (world asset tokenization) in the future; in addition to Ethereum, the two public chains SOL and TON are also very eye-catching. They are not only hyping meme coins and small game coins. TON is based on telegram, and SOL is based on Twitter X. They are all user traffic gathering places in units of 100 million. Through the front end of web2, massive users are linked to the public chain system. Who knows how big a spark can be created in the future? The imagination space is indeed much larger than the defi ecology in 2021. After all, it can "fool-proof" to allow hundreds of millions of new users to enter the world of blockchain ecology

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