💥Why has this round become a "no one takes over" bull market? There are 4 main reasons:

1. Retail investors are awakening to their instincts. Value coins invested by VCs have two drawbacks: a large number of tokens are unlocked (expectation of dumping) and the project valuation is too high (low profit). Retail investors prefer "fair distribution," projects that cannot reserve or increase issuance, and projects that VCs find difficult to position in.

2. Excessive narratives have caused market fragmentation. In the previous round, the market collectively speculated on #DeFi and public chains. In this round, the funds and crowds of the bull market are too dispersed, with retail investors and institutions in opposition. The narratives in the East and the West also differ, leading to a fragmented market without consensus.

3. The sense of inequality brought about by uneven token distribution. Unfair token economics directly leads to investors' unwillingness to take over.

4. Many projects in the market, but limited funds. This round has seen a surge in narratives and project numbers in the Ethereum ecosystem, #Bitcoin ecosystem, Solana ecosystem, L2, DeFi, #GameFi, #DePIN, Tugou, #meme, Ordinals, BRC-20, ERC-404, and runes, with valuations often reaching billions. Coupled with the general situation of external fund inflows and a portion of funds being locked in "staking airdrops," the market lacks sufficient funds to take over and drive up prices.

The market logic has quietly shifted from PVE to PVP, which is even more perilous for secondary retail investors than before. This is also why many people have not reaped the benefits of this bull market, but instead feel the discomfort of being slowly cut like with a blunt knife…

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