When confidence in the crypto circle is low, it's worth looking at the popularity of offline events. Recently, various Web3 forums and investor activities have been frequently packed, with some even adding seats — which in itself is very telling. The speakers on stage may not all be practical veterans, yet they can attract so many people on-site, which actually signals that a large amount of capital is still watching and eager to enter this ecosystem.

The key is that even if only a portion of these potential funds eventually flow on-chain, it will be enough to spawn a series of large-scale projects. In other words, the liquidity pool has always been there, and its size continues to grow. The only bottleneck is the lack of truly high-quality projects to absorb this capital. The market isn't lacking money; it's waiting for the right opportunity to enter.