Recently, while taking a break from skiing and browsing social media, I had a clear realization: the active voices in the Chinese crypto community have indeed decreased significantly this month, replaced by some MCN matrix accounts taking turns to make efforts.

It reminded me of when I first entered the crypto space, just at the tail end of a bull run, followed by two or three years of a bear market. But honestly, this wave of the bear market is completely different from the previous ones. My deepest feeling is—narrative exhaustion.

Although the previous bear markets were also quiet, at least people were discussing technology and future directions. Now? There are fewer new stories in the ecosystem, and everyone seems to be repeating the same things. This feeling is more painful than just a price decline.