A recent interesting phenomenon has emerged in the crypto market—price performance and fundamental developments are completely out of sync. The reasons behind this are worth analyzing.

The speculative enthusiasm for Meme coins has clearly waned, which is the primary factor. The once frenzy retail investor funds are no longer as aggressive. At the same time, the market has experienced several shock events, damaging investor confidence. Buying pressure is also tightening, further exacerbating downward pressure.

More importantly, incremental funds are changing course. Some are flowing into AI concept stocks, while others are entering the private equity trading market. Against this backdrop, even though fundamentals are still accumulating, the market sentiment remains subdued, suppressing asset pricing. In this divergence, it may take time to determine whether prices are too low or fundamentals are overly optimistic.