Does the subsequent market have sustainability?

Although the current rise is notable, when looking at the long term, the current Bitcoin ecosystem rebound appears more as an expectation correction rather than a confirmation of a trend reversal. The ecosystem still faces a series of structural issues that constrain its ongoing performance.

Firstly, from the overall development pace, whether it’s BRC-20 or Runes, the progress of related projects remains slow. The much-anticipated 'Bitcoin-native DeFi' has yet to build a complete vertical system, and the lack of supporting infrastructure makes it difficult for the ecosystem to form a true synergy. At the same time, developer enthusiasm has also waned. The frequency of updates on GitHub for several core projects has noticeably decreased, and the overall activity of the technical community is far less than that of Ethereum, Solana, and other chains. Against the backdrop of a phased shift in capital and user attention, the cooling of the developer ecosystem undoubtedly further weakens medium-term expectations.

Overall, this round of rebound resembles a 'wrong-call correction' triggered under extremely low valuations and extremely weak expectations. After a year of emotional exhaustion and valuation decline, funds are refocusing on these deeply fallen assets at the point of style switching, releasing phased flexibility.

To truly allow the Bitcoin ecosystem to break out into an independent market, merely relying on price increases is not enough. The recovery of the ecosystem depends on more solid product delivery, more convincing user growth data, and the community's renewed cohesion for the future. If the rebound can be ignited by emotions, then the continuation of the trend must be built on confidence and substantial progress.