The current market is like a pot of lukewarm water, neither really cold nor hot, leaving people feeling uncomfortable. You can clearly sense the fatigue in the entire market, but it’s not the kind of panic that leads to a crash. The most frustrating part is not being able to find a main theme that excites people; capital is scattered about, investing in one thing today and another tomorrow, with each hot topic cooling off quickly like a pendulum.

Specifically, you might say meme coins are hot, and while the BSC chain is lively, the SOL chain is quite dull; or you might say the BTC ecosystem is about to rise, and while a few coins have indeed surged, they do not lift the overall atmosphere. Capital is like a hesitant gambler, neither daring to go all in nor willing to exit, just constantly testing the waters.

What is most exhausting about the current situation is that making big money is difficult, but it's not as bad as suffering significant losses. However, if the rhythm is off, chasing highs and cutting losses a few times can easily lead to a collapse in mindset. The major funds are clearly adjusting their portfolios and trying new stories, but the new main theme in the market has yet to make an appearance.

To put it simply: the market feels like it has a bad cold, weak all over but still able to function; capital is like a headless fly, buzzing around aimlessly but has not yet found an exit. This state of limbo is the most exhausting.