I haven't paid much attention to on-chain recently. Today, after chatting with some friends, it feels a bit like August/September of last year.

BTC and altcoins have not yet shown a sufficiently clear breakthrough, and on-chain liquidity is also returning, not really warming up.

What we are currently waiting for is a breakthrough in the overall market, as well as the wealth effect and new narratives brought by on-chain Neiro and Goat last year.

The cold and waiting can also be boring, liquidity will eventually return, and if you don't want to take risks, just wait for the second phase.

When Neiro and Goat come out, there's no need to grab them; there will be opportunities like Act Pnut and many others appearing, and at that time, you should be decisive in getting involved.