Now the price of altcoin assets has plummeted, especially many "innovation" narrative concepts have been punctured, reflecting a valuation reconstruction and reshuffle.

In this period of market, we found that many conventional positive factors such as ethena changing to tokenomics, friendtech changing to chain, etc. have failed to change the downward trend. Many retail investors have calmed down and started to discuss whether VC coins have problems. The market has become more cautious about whether altcoins are really valuable.

In particular, some voices have begun to compare altcoin projects with some traditional web2 projects, questioning why those projects with transparent business models and clear profit paths are lower than some ghost chains used by only a few people? These are basically manifestations of poor liquidity and increasingly rational emotions. If the bubble is punctured, the overall valuation of the currency circle assets will be reshuffled, and with the entry of ETFs and tradfi, will the valuation model of crypto move closer to the valuation model of traditional finance?

In the past, everyone in the crypto market looked at the price-to-dream ratio. Concept leaders did not generate actual income but had the prospect of being widely used. Commercialization and business models did not work and could be valued at tens of billions of dollars. Under the valuation model of traditional finance, the price-to-earnings ratio, price-to-book ratio, etc. were looked at, and the financial reports, semi-annual reports, and annual reports were looked at, and business performance and financial status were emphasized.

Optimistically, it is possible for the buffaloes who expect liquidity to return. But the less liquidity returns, the lower the sentiment, the more investors begin to think about scams and reflect on innovation, the smaller the increment, and the smaller the probability of altcoins returning to capital. If you want to ask, where are the dealers? They may be watching football and the European Cup, or holding B, E, ETFs, or US stocks.

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