To be honest, this market really is hard to grasp right now, it's much more complicated than it was a few years ago.

Looking back at the period from 2020 to 2022, the logic is actually quite clear - liquidity injection leads to price increases, while tightening leads to declines, simple and straightforward. The macro environment follows a linear script: first, there was an epic liquidity injection, then inflation surged, and the Federal Reserve responded with a series of interest rate hikes.

The main line in the industry is not that chaotic.
DeFi Summer ignited in 2020, followed by the rapid rise of L1 public chains like SOL, AVAX, and BSC in the first half of 2021, with NFTs catching fire as well. The second half of the year saw a series of explosions - Luna first, followed by the collapse of Three Arrows Capital, and finally, FTX dealt a devastating blow to end it all.

Although the pace was so fast at that time that it was hard to catch my breath, and the emotions were very restless, the underlying logic was very linear: when there is more money, the price of coins rises; when money is withdrawn, the market collapses. What about now? With more variables, the direction has become unclear.