The valuation of the cryptocurrency market is not important in the long run. The underlying logic of encrypted assets has not changed over several cycles, As long as there are enough believers, it has value, Any valuation based on traditional business logic is self deception. The inertia investment strategy of high valuation given by the market for assets with good fundamentals and revenue generating ability imitates the investment logic of traditional stock markets, but in the cryptocurrency market, this logic is completely opposite. Because the high prices in the cryptocurrency market are already the biggest fundamentals. The core essence of the cryptocurrency market is to create assets out of thin air and inject liquidity and faith into these assets. After a project is hyped up, it can attract top developers with high market value, acquire other projects, or invest money in liquidity incentives. All CEX online can quickly create its ecological resources for the next few years at high valuations out of thin air. On the contrary, projects with extremely low valuations and solid fundamentals are mostly completely forgotten due to the lack of wealth creation effects, ultimately leading to a depletion of liquidity. There is no delisting mechanism or physical asset liquidation in the cryptocurrency market. In theory, every project is diluting its liquidity with countless new tokens. If a project wants to survive in the long run, one way is to become a decentralized consensus building digital gold like Bitcoin, such as DOGE and XRP. Another path is represented by ETH, which has become an extremely greedy, deeply rooted, and highly skilled interest group in manipulating and creating new narratives, just like L2, Inscription, and RWA. These two paths have nothing to do with the so-called fundamentals and valuations. In fact, the blue chip projects in the entire cryptocurrency market have always paid extremely high attention maintenance costs to maintain their extremely high virtual market value, and maintaining their virtual market value at the forefront is also a way of maintaining attention. This is the underlying flywheel of encrypted assets.