Recent hot topics: Musk has established a new political party; exchanges are tightening risk controls; Bitcoin whales are awakening; a sudden drop is coming soon; Degenai is surging. When the market is bad, the frenzy disappears, and even the hot topics become ordinary and dull, just like the attention economy loses its attention, and the narrative of the track loses its narrative. It's not that the narrative is weak, but rather that the type of narrative needed by capital, which can capture the attention of funds, has briefly reached a freezing point. This industry follows a very common rule: the wealth effect is the driving force. The greatest significance of decentralization is to make speculation more pure and free. Speculation, in its fundamental sense, is about leading belief with initial belief. Right now, initial belief in capital is resting, while subsequent belief in capital is waiting. The rest are unsure of what to believe and are arguing. The only urgent issue is: retail investors are running out of money.