The hype has awakened, but this wave of increase feels like an "archaeological market"—the older and more collapsed coins are actually surging the most.

Yesterday STRK doubled, today UNI also doubled, with privacy, storage, Layer 2, and DeFi all rotating, but it feels like there’s no real market growth; funds are just circulating internally.

This time, UNI's proposal is just a rehash of old issues, indicating that old projects are anxious; if they don’t reform themselves, they will be eliminated by the market. Simply put, there are no new plays or narratives in the crypto space right now; the profits at the infrastructure layer have already been squeezed dry, and there have been no breakthroughs at the application layer. Everyone is just competing with each other, merely unwinding their positions, and there’s no real wealth appreciation.