Recently, it's obvious that the market has cooled down a bit.

It's not a crash-like coolness, but rather a delicate fatigue:

No mainline support, no consensus narrative, no continuous enthusiasm.

Funds, hotspots, emotions, all seem to be drifting.

Where does this manifest?

Emotions are not unified.

You say meme, BSC is active today, but SOL has cooled down;

You say BTC ecosystem, a few coins have surged, but haven’t driven the collective excitement.

Funds are not hot enough, but they aren’t dead either.

Some are rising, some are experiencing FOMO, but it's all very short-lived;

It's not that people don’t have money, it’s that they are all hesitating, observing, searching for direction.

Various small narratives are trying to break through, but they all only pull up for a while before dying down, unable to sustain the momentum.

The current situation feels like:

It's hard to make money, and it's not easy to incur significant losses, but if the rhythm is off, it's easy to feel tired, annoyed, and end up chasing highs and getting trapped.

The main force is changing positions, changing narratives, changing stories, but the new structure has not yet taken shape.

In this stage, one phrase sums up my feeling:

"Soft but with expectations, scattered but not yet dead."