Recently, it has become quite evident that the market has cooled down a bit.

It's not a collapse-like cooling, but a very subtle fatigue:

No mainline support, no consensus narrative, no continuous enthusiasm.

Funds, hot topics, and emotions are all drifting.

Where is this specifically reflected?

Emotions are not unified.

You mention meme, BSC is active today, but SOL is cold;

You mention the BTC ecosystem, some coins surged, but couldn't drive the collective excitement.

Funds are not hot enough, but they are not dead either.

Some are rising, some are experiencing FOMO, but all are very short-lived;

It's not that people don't have money, but they are all hesitating, observing, and searching for direction.

Various small narratives are trying to emerge, but they all only pull for a while before fizzling out, unable to hold the stage.

The current situation is:

It's hard to make money, but it's also not easy to suffer big losses, but getting the timing wrong can easily lead to fatigue, annoyance, and getting stuck in high buying.

The main forces are changing positions, changing narratives, changing stories, but the new structure has yet to take shape.

At this stage, one phrase gives me the feeling:

"Soft but with expectations, dispersed but not dead yet."