The state of inscriptions can now be described as 'building high towers, hosting guests, and the towers have collapsed.' In the early stages of the bull market, inscriptions once flourished due to their topicality and scarcity narrative, with leading assets like Sats and Ordi becoming stars pursued by many. At its peak, the market cap of Sats approached $2 billion, with high hopes placed on it to become the gas token for the UniSat platform, even aiming for a market cap target of $100 billion. However, as market sentiment waned and the bubble burst, the overall ecological environment of inscriptions cooled rapidly, with Sats experiencing several halving events; its market cap has even fallen below $10 million.

What is even more lamentable is that not only inscriptions, but the entire Bitcoin ecosystem has fallen into a state of silence. Aside from a few struggling L2 projects, others are like pyramids in a desert—imposing yet isolated, with nothing growing around them. Some say Sats and Ordi are the weeds in the cracks—alive but hard to thrive. While this metaphor is painful, it is not without reason. Inscriptions, as an attempt, have brought the possibility of NFTs and inscriptions expansion to Bitcoin; it is a decentralized cultural experiment. But as the hype dissipates, the real value support appears weak, and the ecosystem lacks sustained self-sustaining capability.

As for whether I am optimistic about inscriptions? To be honest, it is currently 'cautiously observing.' Inscriptions rely more on narratives rather than utility-driven factors. To turn things around in the future, there needs to be new application scenarios, development support, and capital patience. Whether to continue holding inscriptions depends on whether you are a speculator or a believer.