Original Author: Primitive Ventures
Original Translation: Felix, PANews
< >Crypto Saturation and Structural Transformationcycle has clearly shown that the market has reached saturation, not only in terms of funds but also in terms of attention.
p>The Barbell Era: This Is Not a Collapse, But a Rebalancing
The lack of marginal buyers is not justical but a structural result, a downstream effect effect of of two forces:
Cryptocurrency as an asset has already occupied most of the global attention. The dream of getting rich overnight has lost its luster.
The dollar shortage is real. The Federal Reserve's quantitative tightening and macroeconomic tightening policies structurally reduce the buyer base.
After experiencing all the cycles, narratives, and reshaping, cryptocurrency is splittingiting into two distinctly different paths, and this divergence will only grow wider.
On side one is the specsystememic system driven by meme, leverage, and narrative reflexivity, now on the brink of death due withdrawal. These markets rely on margcontinuous marginal capital inflows, and without these capital inflows, even the most carefully designed strategies cannot sustain buying pressure.
On the other hand, policy-oriented, utility-driven adoption is slowly but undeniably emergingAblecoiantized. Not by hype, but out of necessity. Not a bubble, but enduring.
What is being witnessed now is not a market crash, but a structural rebalancing.
