Why did this round become a "mutually unavailable" bull market? There are four main reasons:

1. Retail investors are awakening instinctively. There are two disadvantages of value coins that VCs participate in investing in: a large number of tokens are not unlocked (expected to crash the market) and the project valuation is too high (low profit). Retail investors prefer "fair offerings", projects that the project party cannot reserve and issue, and projects that VCs find difficult to deploy.

2. Too many narratives cause market fragmentation. In the last round of the market, DeFi and public chains were jointly hyped. In this round of bull market, the funds and people are too dispersed, retail investors and institutions are in opposition, and the narratives focused on by the East and the West are also different, resulting in a fragmented state of the market without consensus.

3. The sense of difference caused by the uneven distribution of tokens. Unfair token economics directly leads to investors' lack of willingness to take over. Click the main leaf to follow the official account: Bifangshe, and enter the skirt for free.

4. There are many projects in the market, but little funds. In this round, Ethereum ecology, Bitcoin ecology, Solana ecology, L2, DeFi, GameFi, DePIN, Tugou, meme, Ordinals, BRC-20, ERC-404, and runes have come one after another. The number of narratives and projects has doubled, and the valuations are often hundreds of millions. In addition, the inflow of external funds is generally average, and part of the funds are locked in "pledge airdrops". The market does not have enough funds to take over and pull the market.

The market logic has quietly moved from PVE to PVP. This environment is more dangerous for secondary retail investors than before. This is why many people did not get the dividends in this bull market, but instead felt uncomfortable like a slow knife cutting meat...