The cryptocurrency market is caught in internal and external dilemmas, and patience is required to wait for innovation and funding.

In addition to the siphoning effect of the stock market and gold, which takes away a large amount of investor and retail funds, marginalizing cryptocurrency assets in capital allocation, the internal and external dilemmas of the cryptocurrency market also stem from multiple factors.

1. Funds are siphoned away by the stock market and gold, marginalizing cryptocurrency assets.

2. Lack of explosive innovation, repetitive narratives, and low retail participation.

3. Most altcoins have no practical applications, and MEME projects have devolved into capital games.

4. The lag in the transmission of liquidity from interest rate cuts makes it difficult for the cryptocurrency market to obtain incremental funds.

5. Lack of regulation and risk control, with risk events impacting market confidence.