【Cryptographic Narrative-Driven Decay Trend】

Narrative Fatigue, Decreasing User Enthusiasm

In the early days, large narratives such as the 'Decentralization Revolution' and 'Financial Freedom' quickly attracted a large number of retail investors, but now these narratives have become outdated. The market is becoming more rational, and users are beginning to examine the actual value and application scenarios of projects.

Change in Investor Structure

The number of retail investors is decreasing, while the proportion of institutional and professional investors is increasing, leading to reduced market volatility and explosive potential. The influence of narratives is gradually being replaced by fundamentals and data-driven insights.

Increased Regulation, Higher Project Thresholds

Governments around the world are tightening regulations on cryptocurrencies, limiting speculative behavior. Both projects and users are moving towards compliance, reducing the space for 'barbaric growth'.