Recently, ETH has risen a lot. Some familiar addresses are buying, and some old friends are tweeting again, saying this is the beginning of a new round. Many people are excited, saying that institutions have finally arrived, and that we have finally waited for this. In the morning meeting, everyone was discussing changing the market maker, how high the next peak could reach, and how much someone bought. I couldn't say anything, feeling very dazed. Most of my friends working on projects are still having a tough time, unable to find new users or raise funds; the VCs I know are also quite anxious, as the last round of funds has almost been burned through, and they haven't seen any signs of LPs for the new round. Looking at the price of ETH, I feel that this bull market has nothing to do with us, it is not coming for us, just like the recent BTC incident. The saddest part is that the sense of "anticipation" has disappeared. I naturally have no interest in how those financial giants operate; even if I understand it clearly, what difference does it make? It is still something I cannot control. When discussing the struggles of entrepreneurs with other group members, receiving the reply "they are not important" was probably the moment my blood pressure was highest during this time. I just saw a screenshot in the group saying that the Perp Dex for crypto stocks is going to be hot again. I didn't feel particularly excited, just suddenly felt a bit down; maybe Crypto really doesn't have a main character, it will just become something very tool-like. Maybe more and more people will use it, but it seems to really have no more "meaning" or "value" now. There is a saying I actually heard a long time ago, but only recently understood: Crypto is a transformation of production relations, not a revolution of productive forces. A revolution in productive forces can bring about a new era, while improvements in production relations are more of a backdrop. Some also say that Crypto will be needed more and more. This is indeed the case, with various stocks being put on the blockchain, and various financial institutions looking for opportunities to use blockchain; some see it as a political tool, and many who once looked down on this side are now trying to find ways to apply for licenses to issue RWAs. But being needed does not mean being valued; the entire system is not designed around you, it is just using you at special moments. If this bull market cannot bring new creations, cannot improve the lives of developers, and cannot help products survive, then what does it count as a bull market? If everyone is just doing off-chain things on-chain, then what have we been persisting in these years? I don't know if this industry will eventually get better; I only know that it is being used better and better, but it is also becoming less and less like what we once believed it to be. But maybe this is a good thing for the industry; I don't know. Let's go drink at G'DAY in the afternoon, don't let emo hold you back, we still need to strive to accept change and continue to live passionately.