3. Bottlenecks in Technological Innovation and Application**

- **Slowing Technological Iteration**: If the underlying technology of blockchain (such as Ethereum's Layer 2 expansion and Bitcoin's privacy solutions) progresses slowly or fails to address issues of transaction speed, cost, and scalability, it may lead to the market losing its speculative hotspots.

- **Insufficient Application Scenarios**: If the actual applications in areas like DeFi, NFTs, and the metaverse do not break through 'speculative use cases', user growth and real demand may stagnate, causing the market to fall into 'narrative fatigue'.