Emotions have reached an extreme point.
1. BTC fell to 56K, and everyone is looking forward to a flash crash, but they don't hope to take over the flash crash like the previous times. The macro market rises and the coin market falls, and the macro market falls. ETFs are constantly redeemed, and the mid-week decline and weekend false breakthroughs consume the bottom-fishing sentiment.
2. The copycats are all collapsed, and the ones that are online now are all the kings of volume. Unfortunately, there are no survivors in the Werewolf game when liquidity collapses.
3. Everyone is still impetuous and has high expectations for returns, but all the previously seemingly replicable and stable profit models have problems (KOL rounds, pledges, large pools of SOL local dogs), PVP is too intense, and anxiety turns into anxiety.
3. Some projects that started from the previous cycle chose to refund institutions because they could not see the direction and could not issue coins. The difficulty of primary financing is still very high.
