Many people, including myself, started out with traditional stocks and commodities trading before transitioning to Crypto. We always try to use various valuation models to assess assets. This approach is both right and wrong. In the long term—three, five, or even over ten years— using valuation models is totally fine. But when a project has a $10 billion market cap this week and $20 billion next week, it has nothing to do with value. It’s all about sentiment. The trading volume of Aster perp has already exceeded $100 billion, but the open interest is less than 1% of the trading volume. The data doesn’t lie, but so what? Because this stuff isn’t the core factor driving token prices right now. Sentiment is.