The crypto market is now oscillating back and forth between two paths—on one side, the macro factors (liquidity, interest rates, geopolitical situations), and on the other, the evolution of on-chain ecosystems. These two forces have been pulling the prices in different directions.

$BTC is gradually transforming. It’s increasingly perceived less as a speculative asset and more as a "digital reserve asset," with scarcity and anti-inflation properties becoming the main attractions. On the other hand, $ETH is like an infrastructure contractor, actively working on DeFi, Layer2, and on-chain real assets. The ecosystem map is gradually expanding.

But market sentiment is especially prone to amplification in highly volatile environments. You’ll see some people planning for five years, while others are just trading on short-term fluctuations. Short-term speculation and long-term positioning coexist, which is inherently interesting.

The key is to distinguish clearly—cycles are cycles, narratives are narratives, and the underlying fundamentals are another matter. Those who can tell the difference among these three will be able to navigate this market more steadily. This is not just a game of numbers and prices; behind it, there’s an exploration of the future shape of finance itself.