What exactly is the market trading? Not data, but expectations

Recently, the more I look at it, the more I understand a truth: this circle doesn't look at fundamentals at all.

Do you think on-chain data matters? TVL lock-up is important? Wrong. Those things are just results, and what really drives the price is the people's hearts - when emotions come up, any bad news can be interpreted as good; Confidence collapses, and no matter how good the data is, it cannot be saved.

Looking back at the plunge on October 11, it was ostensibly liquidity depletion, but in fact confidence was blown up. What about after that? If it rises a little, everyone will shout "the dealer ships", and if it falls a little, they will panic and cut the meat. But if confidence comes back one day, any Yang K can be packaged as a "bull market starting point".

Have you noticed that when the market is good, it is overwhelmingly good news; When the market is bad, there are bad songs everywhere. If you casually scroll through social media today, you can see a bunch of "blockbuster goods" again, right?

So don't be naïve, the market never prices facts, it prices everyone's fantasies - prices are just the average of those fantasies. In an emotion-driven game, the information itself doesn't matter, what matters is what the market is willing to believe now.

So the question arises: what do you believe now?

Is this wave of rebound a fake move to lure the bulls, or is it a real breakthrough at the end of the wash?

Talk about your judgment in the comment area and see if we can stand on the opposite side of most people.