The sudden halt of this market trend cannot simply be explained by the selling off of those old players. To put it bluntly, the crypto world has been sustained by stories over the years, with everyone gambling based on emotions and expectations. During any given period, whatever is popular attracts the money.

From 2023 to 2025, various themes emerged one after another, and there was basically no break. ETFs, halving, presidential endorsements, institutional buying... At that time, it all seemed like good news on the board, and retail investors were excited as well. But looking back now, many things were just emotional anchors, giving traders a reason to continue going long.

The problem is that this kind of story has come to an end. No one is talking about ETFs anymore, the previously hyped SBR also couldn’t be realized, and the public companies' gimmick of buying BTC through new shares can’t be played anymore. Everyone is directionless, so the emotions naturally dissipate. When they see other hot topics that are more intense, the funds run to chase new themes.

I'm not exactly pessimistic; I'm just saying that the market currently lacks a reason to keep pushing forward. Once the next compelling story comes out, the sentiment might return. The crypto world is just that realistic.