Ordi is the leading target of the first wave of the Bitcoin ecosystem in this round of bull market. If it cannot achieve the third wave of new highs in the cottage season that follows the new high of Bitcoin, then the outside world's perception of this track will be a wave flow, which will indirectly affect the ceiling of the entire track. It is not difficult to see from the recent market of the rune sector that funds are mainly concentrated on several leading targets, while for small-cap targets, they are very cautious. This is obviously different from the flourishing of the fourth quarter of last year. At that time, whether it was inscriptions, ordinals nft, or various improved protocols, and even the later brc420, they all performed well. For many pure BTCL2s that specialize in serving the first-layer assets, the performance of the first-layer assets is also crucial, and it is also the basis for whether the second-layer narrative can continue. Of course, projects that only focus on BTC interest are not included, because even without the native second layer of Bitcoin, BTC can still achieve interest.

At present, the exchange rate between ordi and btc has gone out of the downward trend, and the U standard has reached an important resistance level. The upper lock-in is obvious, but I believe that once the new high starts to rise, the pressure will be paper-thin. Whether ordi can realize the long-term momentum, wait and see

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