The trading volume of 3.6 trillion has already reached the ceiling of traditional financial scales. Currently, the crypto market is booming, with "crypto experts" everywhere, each speaking with conviction.

But if you look closely, how many people are truly studying the fundamentals? How is the actual progress of token applications, and what stage is the ecosystem at? These questions have long been forgotten. Now, it's all about sheer momentum—valuation models, on-chain data analysis, all of which are essentially useless. Instead, what’s driving the market is raw "market courage"—the bigger the risk-taker, the faster they can make quick money.

People are betting not on the true value of projects, but on a firm belief: that someone will buy the dip later. This kind of frenzy, honestly, has a bit of a déjà vu of the bull market around 2015. Back then, it was the same—rational voices were drowned out by cheers, and everyone knows how it ended.

So, what is supporting this round of market activity? It’s clear that a few main themes are driving it: first, innovation and iteration in public chain technology; second, real-world applications of AI on the chain; third, mature Layer2 scaling solutions; and fourth, the pursuit of risk assets amid macro liquidity easing. These logics are all sound, but the problem is that market expectations are overextended.

We need to remember one thing: the market tone should be a slow bull, not a crazy bull. A crazy bull runs fast and stops hard—once sentiment reverses, the pullback can be terrifying. A slow bull, though it seems to rise gradually, can go further and allows people to witness a true long-term cycle.

Although these four main themes are all highly popular, it’s important to distinguish their authenticity. Public chain innovation depends on whether the technology can truly be implemented and whether there is a real user base; AI applications depend on actual commercial monetization, not just hype; Layer2’s success hinges on security and user migration progress; and liquidity easing can reverse unexpectedly at any time, so always keep an eye on macro trends.

Overall, entering the market now requires courage, but exiting requires rationality. Courage gives you the chance to catch the wave, while rationality ensures you can leave the table alive. "Market courage" can be borrowed temporarily, but it should never be a reason for long-term holding. The tide is still rising, but no one knows when it will recede. In this hot market, the smartest move is to stay alert—participate in structural opportunities boldly, but beware of blindly following the crowd and suffering huge setbacks. Those who can’t see the situation clearly and run with the herd are often the last to buy the dip when the market turns.