During the half month of discussing hype, the most common things I've heard are:

It's too expensive.

It's overvalued.

I'm too scared to chase it.

However, hype keeps rising, and I don't know what you're afraid of.

You dare to buy ETH worth hundreds of billions, but you won’t dare to chase hype until it rises to hundreds of billions, right?

As long as you don't dare to take a risk every time, when the next hundred billion opportunity comes around, you'll still be a bystander. All sell-offs occur because the price exceeds the psychological threshold. For retail investors, due to information asymmetry, the psychological threshold often comes from imaginary valuations. For major players, the psychological threshold has never been related to valuation; it depends on the exit strategy. The only connection is that market makers use the retail investors' valuation psychology to unload their positions.

However, exiting involves not only the traditional meaning of raising prices to unload but also spot control plus explosive contract trading, like TRB, and securitization of bad assets, like the blue box distributing goods through MERL, as well as various ways to hollow out state assets under the guise of governance/consultancy, etc. Ultimately, how to unload is a fundamental question of chip structure; the more concentrated the chips, the stronger the pricing power.

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