Recently, the voices in the community shouting for BTTC have suddenly increased. Some say this is a value bottom, while others say the storage narrative is about to da moon. However, after looking through the data, I found that things may not be that simple.

Let's first talk about the real situation of the storage market. In 2025, the six major NAND manufacturers worldwide collectively reduced production by 40%. What was the result? The market remains oversupplied by 41%. Samsung's memory division has recorded losses for four consecutive quarters, with a total evaporation of 60 trillion Korean won, equivalent to 4.5 billion dollars down the drain. What does this indicate? The traditional storage market is already digesting excess capacity and is not in a state of "always lacking storage."

AI training will indeed lead to an explosion in storage demand, that's for sure. But the question arises—what are the real players doing? Google invested $75 billion in building its own data centers by 2025, Microsoft Azure procured 28 million 30TB enterprise-level hard drives in the past 12 months, and OpenAI used 5EiB of data to train GPT-5, all housed in that temperature-controlled 5°C data center in Iowa. These giants don't need distributed storage solutions at all; what they want is controllable, stable, and ultra-large-scale proprietary infrastructure.

To take a step back, even if there is market space for Web3 storage, which is more mature than the current options, Filecoin or Arweave? The former is supported by the IPFS ecosystem, while the latter has permanent storage characteristics, and a certain project has less than 2% market share in the decentralized storage track. The results of users voting with their feet have already indicated this.