The current dilemma in the crypto market, to put it simply, is the result of three simultaneous punches: macro factors, structural issues, and capital preferences.

From the broader environment, risk aversion is dominant. Look at where the funds are flowing—withdrawn from high-volatility assets like Bitcoin and shifted into assets with real backing like gold. The relative strength of Bitcoin and precious metals has already fallen to the lowest point of the year, indicating that investors are re-evaluating their positions.

Looking into the community, the situation is even more disheartening. Institutional redemption through spot ETFs continues, retail enthusiasm has noticeably cooled, and related search indices have hit new lows. More than 30% of Bitcoin holders are in loss, making it difficult to sustain confidence.

Another key point—current narratives around crypto assets are no longer very appealing. Compared to traditional stock markets' "stable returns" or the explosive rise of precious metals, cryptocurrencies are often called "digital gold."