Encryption currently faces unresolved survival anxiety in various fields. New retail investors entered the market relatively late, with small capital and extremely limited information channels. They are afraid of losses but also extremely eager to achieve class transition through small funds in a short period of time. New retail investors who want to buy and experience a sudden surge but are unwilling to bear the risk of returning to zero are pursuing this illusion, They are crazily chasing MEME coins and superstitious about KOLs who shout orders, Frequent changes in positions in an attempt to seize every hot spot, coupled with the anxiety of new retail investors, have successfully pushed the market into a short-term emotional game. Experienced individual investors have gone through bull bear transitions, learned technical analysis and fundamentals, read white papers, enjoy dividing positions, waiting for pullbacks, and working on wave bands, The result becomes resistance and support levels in the market, with bearish sentiment when rising and replenishing positions when falling. In addition, losing faith in the market or leading projects makes it difficult to have significant returns in a bull market. 关键意见领袖 The order taking teachers of exchanges and narrative operators of institutional project parties rely on their influence to monetize, and must always remain in the spotlight, thus becoming prisoners of traffic. If they do not frequently cause trouble on Twitter or other social media, they are easily deprived of their influence. It is difficult to maintain objectivity and neutrality in order to continuously produce eye-catching content. To make money with fans means taking on orders or bearing huge credit risks. At the same time, the more you want to make money, the faster your reputation will be depleted in the current market. Institutions constantly create new vocabulary and narratives, while KOLs and order leaders amplify positive news and selectively ignore risks. When one currency has no wealth effect, they quickly switch to the next, making them the most attention anxious group in the entire market. The project team has now become a product manager kidnapped by finance, especially the founder after issuing the coin. Apart from maintaining market value, they have almost no other tasks. When the coin price collapses, apart from the collapse of retail consensus, the team will also fall apart. The real product growth is slow, but the patience of the cryptocurrency market is extremely short. The process in the cryptocurrency field is always financialization before productization, but the difficulty of maintaining the market in a bear market is far greater than producing good products. In addition to humans, survival anxiety in various tracks has also reached its peak. No matter how fast or cheap you are, there will always be updated public chains that are faster and cheaper than you. The rate of L2 has been pushed to the limit by technologies such as EIP-4844, and profits have also been compressed to the extreme. DeFi cannot grow without high APY subsidies, giving is Ponzi. It's a problem for other tracks to even survive and make products that involve people. It can be said that the current encryption is in a comprehensive headwind situation.