This morning, the pie hit a new low, but the community discussion heat was very low, so low that people doubted whether the cryptocurrency circle was dead, and everyone had already gone to play in the US stock market. In addition, the drop in the stock price of Circle CRCL after it was removed from the index dealt a double blow to the stablecoin narrative. Is the cryptocurrency industry really finished like this? I don't think so. After the emergence of AI storytelling, the cryptocurrency industry did lose the possibility of occupying the C position during the bull market in 2021 The currency circle will lose the spotlight and degenerate from the leading role to supporting role. The ETF and stablecoin bills are double-edged swords for the cryptocurrency industry. Although Zhao'an deprives the possibility of becoming a self proclaimed king, it also puts the cryptocurrency industry on the iron rice bowl of civil servants. As long as the US dollar system still requires US bonds as a cornerstone to maintain, the new US bond issuance system built around stablecoins will continue to play a role. So as the core asset of the cryptocurrency industry, Bitcoin will not only have natural capital inflows, but also have large funds actively protecting the market to maintain its popularity and continue to attract retail investors to enter after falling to a sufficiently cost-effective level. Institutionalization has given Da Bing higher floors and lower ceilings, and a decrease in volatility is inevitable. The cryptocurrency industry is not finished, it has just been downgraded from being a "new world protagonist" to an "on chain extension layer of the US dollar system+high beta risk assets", and the lowering of the valuation ceiling has led to a reasonable price drop. In short, there will definitely be a bull market in the pancake market. The current market expectation of interest rate hikes has been fully met, and the US dollar index has basically come to an end. If the Federal Reserve dares not really raise interest rates in the second half of the year and instead guides dovish interest rate cut expectations, liquidity will naturally return. This week's non farm data is also one of them, and we may be able to glimpse clues at that time. Let's continue to pay attention