Many people are confused by a phenomenon: Blockchain applications are expanding, users are increasing, but the coin price has not risen accordingly; instead, it has been sideways for a long time or even fallen. This is not a bug, but a normal characteristic of the current development stage of the crypto market.

Looking at the perspective over ten years, the prospects of the encryption industry are indeed attractive. The problem is that there are very few who can truly maintain such a mindset. You have to be mentally prepared for this: watching adoption data rise steadily while prices remain stagnant; at the same time witnessing others making huge profits in AI, stocks, or other booming sectors, while the crypto circle seems to be forgotten by the market. This feeling is inevitably unfair, and the process is indeed difficult to endure. But price lag is inevitable—after all, many crypto assets were never worth those previously high valuations.

The market is actually indifferent to real applications, only re-evaluating them after a price crash.

Here is an easily overlooked turning point: in the early stages of application proliferation, it is easier to brew bubbles. This is a necessary growing pain for value discovery. When real usage demand does not keep up with inflated valuations, the market will ruthlessly reprice—precisely this process is crucial for long-term healthy development.

Once the infrastructure reaches the stage of scaled application, it will be found that the funds previously invested in the market far exceed the actual demand. The popularization of applications brings a pressure test for business models, rather than value verification. The final outcome is that some projects will silently disappear, and the valuations of the surviving projects will be far lower than the initial ambitious projections. The crypto market is undergoing a transformation from speculation accumulation to a return to real value.