Bitcoin breaks new highs, why is the cryptocurrency community reacting so mildly?

Bitcoin has broken the $110,000 mark but has not triggered a frenzy in the cryptocurrency community, reflecting profound changes in the market ecosystem. Firstly, after experiencing multiple bull and bear cycles, investors' tolerance for soaring and plummeting prices has significantly increased, making it difficult for short-term price breakthroughs to ignite emotional resonance, and instead heightening vigilance against the risk of a pullback. Secondly, global regulatory pressure continues, with regions like Europe and the US brewing stricter cryptocurrency regulations, and policy uncertainty makes the market feel like walking on thin ice; even with new price highs, concerns about the industry's survival environment remain. In addition, deep involvement of institutional capital has changed the market structure, with whale accounts dominating and retail investors becoming marginalized, thus narrowing the actual profit space for ordinary investors. Coupled with a lack of innovation in tracks like DeFi and NFTs, price increases that lack new narratives are viewed as capital games rather than value consensus. When the revelers leave, what remains are more sober participants, as the cryptocurrency world is undergoing a painful transformation from fervent speculation to rational consolidation amid the triple game of regulation, technology, and the market.