Have you noticed that this time the rise of ETH feels different from before? The big players are cheering for the certainty of ETFs, while retail investors are chasing the narrative of ecological recovery. Your position may finally be in the green, but the tension inside you is tighter than ever. This is not just a simple rise; this is a blatant selection—capital is voting with its feet, looking for the seemingly safest "story."
When everyone's attention is focused on technical terms like "breaking previous highs" and "trend formation," a more covert logical switch has already been completed. Bitcoin is king, but its narrative is a monument, solid and heavy.
The strength of ETH is essentially a collective payment for 'application certainty.' DeFi, Layer2, RWA... each track hanging on ETH is a dream that requires constant funding to sustain. The influx of funds is not because the dream has come true, but because there is a fear of missing the next dream's 'entry ticket.' How long can this fear-driven premium last?
The real danger signals often hide in the most bustling places. When ETH attracts liquidity with richer narratives, those weak and pale imitators meet their doom.
For example, that thing called KITE, wearing the crown of 'native AI economic infrastructure,' collapses on the most basic liquidity battlefield. This creates a cruel ironic contrast: on one side, funds are pouring into ETH, paying a high 'infrastructure tax' for its vast narrative network; on the other side, those projects that mimic ETH's narrative logic but lack real foundations are silently collapsing in liquidity exhaustion.
They use the same vocabulary—institutions, ecology, infrastructure—but cannot tell a story that can survive.
Your time is being rapidly consumed by this division.
On one hand, you need to study which Layer2 in the ETH ecosystem has more potential, which DeFi protocol might explode, like searching for gold nuggets in a mine; on the other hand, you must remain vigilant to avoid stepping into countless traps disguised with beautiful PPTs and nonsensical indicators, like KITE. RSI oversold? MACD golden cross? In the face of the final judgment of 'delisting,' all technical analysis has become end-of-life care. The market is violently liquidating all 'pseudo-narratives.'
This is not a usual cycle of ups and downs, but a 'dimensionality reduction strike' at a cognitive level. Funds are quickly retracting from vague concept speculation to a few core assets with ultimate liquidity moats. This means that if you are still indulging in the old model of wandering around and chasing every hot concept, you will not only miss the main wave but also pay a heavy price for every wrong chase.
When the tide begins to converge towards the largest estuary, the small streams of the tributaries are the first to dry up. Should one continue to exhaust oneself among countless streams about to dry up, or see the true main channel? The window of choice is closing at the speed of ETH's rise. At the feast, someone always has to pay for the illusion. Will it be you this time?
