The differentiation between appearance and value is happening

Recently, a fascinating phenomenon has emerged in the market — it seems quite fragmented.

On one side, the Fear & Greed Index is still hovering in the "fear" zone, investors are panicked by macro uncertainties, and they are also being rubbed the wrong way by voices claiming "Bitcoin underperforms gold." On the other side? On-chain data tells a different story. Large stablecoins are circulating actively among institutions, and founders of leading public chains are confidently optimistic about the stablecoin market surpassing one trillion dollars by 2026.

What does this imply? The emotional side and the fundamental value side are decoupling.

While panic emotions are evident in the face of macro difficulties, true capital is playing chess in the shadows — they are selecting tracks and projects that have endured this round of stress testing, with stronger fundamentals and clearer narratives.

Therefore, simply talking about "bull markets" or "bear markets" is indeed a bit outdated now. This market cycle is more like a period of "truth-seeking." Speculative projects sustained purely by stories are gradually fading, while those genuinely solving problems and building solid fundamentals are beginning to be recognized.

The principle of persistent construction is becoming increasingly valuable. At this stage, projects and communities that can focus and do the work are the more worthy directions to pay attention to.