#加密生态动态追踪 This round of market movement is truly different from before.

In past bear markets, the market was driven by overextended valuations and that crazy momentum—the bubble burst, but the project's story and framework remained. Prices could recover, faith could be rebuilt, new narratives would emerge, and everyone would be alive again.

But this time? It's not like that. We are witnessing the "logic itself" being shattered. The core narratives, value foundations, and economic models of many coins have been proven wrong in practice and abandoned by the market. The foundation of logic is gone; no matter how prices fluctuate, it’s useless—there’s no reason for existence anymore. This isn't a cycle return; it’s a complete "disappearance." When the logic dies, projects are left as shells, transformed from assets into gambling chips.

Therefore, the market's coldness now is unprecedented. It doesn’t ask you "Is it expensive?" but "What gives you the right to be here?" Things without logical support have no chance of being "liquidated" at a higher valuation; they can only quickly sink amid scattered narrative fragments.

This is the true test—distinguishing which projects are supported by genuine fundamentals and which are merely stories and expectations.