I think you're right—— But what Ethereum is currently facing is not a collapse of its belief system, but a narrative battle period. The fundamentals of decentralization, core development, ecological capital, Layer2, and Rollup are still in place. Reflexivity is not linear, it also has a mechanism of return—— I should have encountered several instances of negative reflexivity rebounding into positive and negative reflexivity. When prices fall far enough and emotions reach extreme levels, the market naturally reevaluates values and even generates new narratives. Reflexivity can indeed make lies come true, but what I want to emphasize is that reflexivity is not destiny, but a dynamic game. So the key is not whether the noise will become reality, But rather a question: Do the fundamentals and faith foundation of this project still exist? When is a lie, when is destiny, we must see through the time window and the true momentum of the fundamentals. Remember my words: A project that has truly been abandoned by the market, even FUD is too lazy for someone to make it up.