Recently, while browsing the crypto world, I suddenly felt an inexplicable strange feeling.

It's not a crash, nor FUD, it's that kind of subtle feeling of weightlessness. You can feel that something has changed, but you can't quite pinpoint what's wrong.

In the past, when we played with coins, it had a rebellious flavor. We fought against inflation, questioned power, and engaged in a battle of wits with regulators. Even if we were mocked or called crazy, we felt a warmth inside. At that time, winning or losing was exhilarating; at least we could be sure we were standing for a reason.

But what about now?
ETF, Wall Street, corporate charters, policy dividends, election narratives, all piled onto Bitcoin. The coin has risen, but the brilliance has faded. It seems that the little bit of brilliance we once had has been polished to the point of being almost invisible.

Don't you think this is bad? No.
However, when we gradually package free currencies into asset allocation tools, something deeper begins to become blurred.

I am not nostalgic for the past; I suddenly realize that the further you go down this road, the fewer people there are to tell you the truth: Bitcoin hasn't changed; it's the world around us that has started to label it.

After seeing this, I felt a bit empty and a bit enlightened. So I chose to temporarily stop, not to argue, not to hype, not to follow the trend, just to watch and see where it really wants to go.