When the market slows down, the true differentiation in the crypto market has just begun

Entering this stage, the most intuitive feeling in the crypto market is only one: slow. Prices no longer surge or plummet wildly, hot spots rotate faster but struggle to sustain, and capital seems to remain cautious at all times. But it is precisely in this "slow market" that the real differentiation is quietly taking place.

Some funds are beginning to move away from purely narrative assets and instead seek projects with cash flow, users, and genuine demand; others continue to immerse themselves in short-cycle battles, trying to exchange speed for returns. This differentiation will not immediately reflect in prices but will create gaps over time. A slow market does not mean there are no opportunities, but it requires participants to have greater patience and filtering ability.

The real danger is not a lack of growth, but not understanding what market you are participating in. #加密市场观察