Why has NIGHT become the hidden line for institutions to quietly layout as the market enters the 'de-bubble' phase?
If you closely observe the current crypto market, you will find an interesting phenomenon: projects driven by narrative and emotion are experiencing the most brutal liquidity cleansing; while infrastructure projects that truly possess technical barriers, compliant pathways, and clear application scenarios are quietly building a bottom.
@MidnightNetwork belongs to the latter.
1. The two extremes of the market: meme frenzy and value return
In the past year, we have seen two distinctly different market cycles. On one side is the short-term wealth myth of meme coins, attracting speculators chasing quick money; on the other side, an increasing amount of institutional capital, sovereign funds, and corporate consortiums have begun to seriously examine the underlying value of Web3 — they do not look at candlestick charts, do not look at community popularity, and only ask three questions: