The crypto market is in a downturn, and there is an urgent need for innovative paradigms at the macro level.

OnChainDetective · 2026-02-22T18:17:28+00:00

At the Consensus Hong Kong conference, Cardano founder Hoskinson pointed out that the crypto market sentiment is sluggish, reflecting macro-level issues. He believes that micro-level innovation alone cannot improve the market; the entire industry needs to establish new narratives and visions to boost investor confidence and thereby promote the long-term development of cryptocurrencies.

OnChainDetective

2026-02-22 18:17:28

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At the recent Consensus Hong Kong conference, Cardano founder and Ethereum co-founder Charles Hoskinson stated that the current sentiment in the crypto market has reached a historic low. This not only reflects short-term market volatility but also reveals deeper issues within the industry at a macro cognitive level. Hoskinson believes that relying solely on micro-level technological innovation and project optimization is no longer sufficient; the entire crypto ecosystem urgently needs to find breakthroughs in macro strategy and industry narrative.

The Paradox of Micro Difficulties and Macro Breakthroughs

Although many projects have made progress in technological development and product iteration, these micro-level efforts have not yet reversed the overall market downturn. Hoskinson’s perspective touches on the fundamental problem of industry development: the success of individual projects does not necessarily lead to an improvement in overall market sentiment. The root cause of the market downturn largely stems from a lack of macro narrative—investors and users lack a clear understanding of the future direction of cryptocurrencies and lack firm confidence in the industry’s overall value.

The Industry Needs New Narratives and Visions

From a macro perspective, the development of the crypto industry faces a narrative crisis. The market needs a completely new macro framework that can encompass the entire ecosystem’s development direction. Although Hoskinson is disappointed with current market sentiment, he remains optimistic about the new prospects of the crypto industry. This confidence stems from a deep understanding of the industry’s long-term value, and he believes that with appropriate macro policy guidance and the formation of industry consensus, the crypto market will eventually enter a new growth phase.

Starting from macro-level innovation and paradigm shifts may be the key to breaking the current deadlock.

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