The entire market was cold again yesterday, and Bitcoin fell below $90,000.

Many voices blamed this decline on the epic theft incident encountered by Bybit exchange recently.

Although the accident has been properly handled with the efforts of the exchange and the assistance of all parties, people are worried that the stolen ETH will give The market has caused huge selling pressure.

In fact, regardless of whether this selling pressure actually occurs, this incident will definitely have a major impact on market sentiment.

In addition, some of the latest data released by the United States are not as good as expected, the possible negative impact of Trump, etc. will have certain impacts on the crypto market. .

The current crypto market has become a "shocking bird". Whether external or internal, any turbulence may cause a blow to the market.

In addition to these things, there is another thing that has attracted a lot of attention recently:

Pump.fun wants to launch its own AMM exchange.

As soon as this news came out, the Raydium exchange token, which Solana meme coin, was highly dependent on, also suffered a major impact.

On the surface, this matter is that Pump.fun doesn't want the wealth to flow to outsiders. Since the exchange has made such a huge profit from it, then do it Why don't I do it myself?

But it feels more like an involuntary upgrade, and the profits of issuing meme coins are getting thinner and thinner. In this case, the project party is also I am no longer willing to share benefits with other collaborators in the ecosystem.

In the past, such things only happened when the market was in a deep bear market. We have seen many such examples in the Ethereum ecosystem in 2220 or 23 years.

Although according to my opinion, we have been in a bear market until now, the bear has started to turn in this way and still makes me a little bit Accident.

This also shows that the entire ecosystem cannot see any sub-sectors that can attract external attention yet, so the intra-volume appears.

Combining the above situations, think about the zero and zero things we have experienced throughout this round of market to the present, and there is a phenomenon that is getting more and more Obviously:

Although Bitcoin still seems to be the leader of the entire market and leads the market of the entire crypto ecosystem, Bitcoin is increasingly unable to survive. . In the past, when the entire ecosystem was hit by various impacts, other coins fell, and Bitcoin could still withstand the impact; but now Bitcoin is increasingly unable to hold on to these impacts.

This is increasingly obvious: without the prosperity of the entire ecosystem, the price of Bitcoin itself is also not solid.

The entire ecosystem needs There must be real application explosion when a general rise occurs. Without technological, model and business innovation, the progress of the entire crypto ecosystem can only be supported by the concept of "digital gold" of Bitcoin. But this concept cannot support this ecosystem in the long run. , it cannot support the price of Bitcoin in the long run.

Since Bitcoin broke through $100,000 in early December last year, it has almost only hovered around $100,000. The various positive news that have since been reported has hardly pushed its price higher, but as long as there is any Negative news from within or outside the ecosystem may be reduced to $100,000 at any time.

So I think if the crypto ecosystem still has no future Another ecological explosion. Even if Bitcoin can be implemented in the future, such as the US reserve, the room for Bitcoin to rise in this round of market will be very limited. And if any negative information from the outside or internal will appear in the future , Bitcoin’s price may even be affected and continue to fall.

I once guessed that this round of market might climax between March and August, but now, unless a miracle occurs within the ecology. Otherwise, even if there is no change in the current situation, it may be a Abandoned market.