#美国非农就业数据未达市场预期 In this cycle of the crypto market, terrifying narratives have increased significantly compared to before. Take a closer look, and there are mainly four types.

**Type 1: Retail Investor Doomsday Theory**

Some have long been claiming that this is the last bull market, the super cycle has already passed, institutional armies have entered, and retail investors have no chance. The implication is clear — the volatility dividends of crypto are running out, and if you haven't made enough money in this round, you'll have no chance to get rich quickly in the future. As a result, many retail investors are scared into rushing into meme coins and altcoins, trying to make a last-ditch effort.

**Type 2: Knowledge Anxiety Trap**

DeFi, NFT, RWA, DePIN, AI Meme… new concepts emerge every day. Public opinion creates an atmosphere: if you don’t monitor Twitter 24/7, don’t read hundreds of pages of whitepapers in English, and don’t catch the hot topics, you are just a bagholder and liquidity provider. Retail investors’ eyes turn red every day, chasing hot trends until they’re dizzy, only to be trapped on almost every narrative line.

**Type 3: Bitcoin Scarcity Panic**

This argument has become a consensus: without Bitcoin, you’re doomed; fiat assets are being eaten up by inflation; you missed the last wealth transfer opportunity in human history; kids without BTC will always be at the bottom. This line of reasoning is the most mature and has the strongest dissemination power.

**Type 4: Zero-Sum Mindset**

The dark forest law that once dominated the crypto world now mainly focuses on meme coins and low-tier projects. The logic is: no real value, just gambling; you must be more ruthless than others, cut out whales, friends, and those around you. Everyone falls into a battle state—aggressive, short-sighted—and ultimately suffer losses in both the real world and crypto space.

These four forces stacking together have messed up retail investors’ mentality.