The sentiment on-chain is quite subtle: on one hand, there is the repeated pressure from regulation and macro factors, while on the other hand, BTC, mainstream public chains, and various new narratives are constantly testing the upper limits of risk appetite. The current market resembles a 'structural bull market' rather than a full-blown frenzy, and the real opportunities lie in:

Finding projects that have real users and cash flow support, rather than purely emotional speculation;

Utilizing every pullback to make 'regular investments + low leverage' in high-quality assets, rather than chasing highs at the peak of sentiment;

Focusing on the tracks that exchanges and leading institutions are laying out, following long-term capital rather than short-term noise.

In simple terms, it's not about asking 'Is there a market?' but rather 'Are we on the right track, and is the rhythm well controlled?'. At this stage, risk management and position discipline are much more important than reading a few positive news articles. $ETH $BTC

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