#以太坊行情技术解读 This bear market is completely different from previous cycles.

The adjustments in the past few years were essentially about bursting bubbles. Investors overestimated the project's prospects, and overconfidence led to inflated prices, but the fundamental logic of the project wasn't broken—core narratives were still intact, economic models remained valid, and even technological accumulation was ongoing. So as long as time was sufficient, valuations could recover, faith could be rebuilt, and the market revived within new stories. Cyclical fluctuations are just routine operations.

But this time is different. Many assets rely on narrative frameworks, value foundations, and economic logic that have been discredited or even outright abandoned by the teams. When the basic logic supporting a project collapses, price fluctuations alone become meaningless—the premise of existence is gone. Rather than a valuation kill-off, it's a complete reset to zero. With the death of logic, the project becomes a lifeless shell, reduced to just a trading tool.

This is the real cruelty of the current market. It no longer gently asks "Is the price too high?" but directly questions "What is your reason for existence?" Coins without logical support don't even qualify for 'valuation kill'—which at least acknowledges that the project has some value but was overestimated. But assets without logic? They are accelerating decay amid fragmented narratives, with no rebound in sight.

So, when choosing projects now, looking solely at technical and capital aspects isn't enough. Ask yourself: Can the core narrative of this project stand up to scrutiny? Is the economic model sustainable? Is the team still committed? The answers to these questions determine whether your assets are accumulating strength at the cycle bottom or truly becoming sacrificial offerings.