[Ignas: HYPE and AVAX Face Value Capture Test, Crypto Market's Short-Term Rally Narrative Nearly Exhausted] Odaily Planet Daily reports that DeFi researcher Ignas, writing on the X platform, stated that the current crypto market seems to lack new narratives to drive short-term gains. While the trend of institutional adoption of crypto technology continues, traditional financial institutions often don't need to directly purchase crypto tokens to obtain most of their profits. Therefore, the investment logic of betting on institutions through tokens has limited appeal, and the real upside potential may be concentrated in the stock and private markets. More worryingly, many crypto tokens seem to be becoming "payment tools" for institutional collaborations rather than truly accumulating value from these collaborations. Ordinary token holders may instead become liquidity exit points. Ignas cites HYPE and AVAX as examples, stating that HYPE's trading logic driven by news related to the NYSE may have already materialized, and the subsequent implementation of relevant licenses and their actual impact on buybacks still needs to be observed. While AVAX collaborates with the NYSE, the extent to which its provision of core ledger technology to the NYSE will bring value to the AVAX token remains to be seen. Bitcoin could rise if the market anticipates monetary easing, but this is unlikely before the AI bubble bursts, and an AI market crash could first impact crypto assets. Furthermore, the altcoin speculative market continues to shrink, with market hype, FOMO (fear of missing out), and project-driven profit-taking narratives gradually losing their financial support. Looking to the medium to long term, Ignas still believes the crypto industry will persist, but may face challenges such as a tougher stance from the US Democratic Party and rising interest rates putting pressure on risk assets. He concludes by stating that this bearish commentary might actually be a bullish signal worth noting, as a widespread market sell-off could present a buying opportunity.