The interesting phenomenon in the 2025 crypto market: narratives are rapidly evolving, but fundamentals often lag behind.



From Bitcoin to Ethereum, from Layer2 scaling solutions to AI+crypto, from DeFi to on-chain applications—the market hot topics rotate quickly, but the progress of projects and supporting data often come later. In such an environment, investors are easily carried by market trends rather than guided by fundamentals.

A practical question: in this current wave of market movement, which narrative do you see as having the most potential in the medium to long term? Is it large capital inflow driven by macroeconomic cycles, or technological breakthroughs in specific sectors (such as Layer2, AI, wallet ecosystems)? Or do you think which story has the most solid logic and is least likely to be disrupted by the next wave of narratives?

Market participants' consensus often determines short-term trends, but the actual progress of projects is the long-term foundation of value.
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DegenWhisperervip
· 01-09 12:53
Honestly, it's now just a game of hot potato; everyone knows it but everyone is still playing. The bad news is that Layer2 is still more air than substance, but the good news is that it's not its turn this time. Macro cycle > technological breakthroughs; big money hasn't truly come in yet. The narrative updates too quickly, and the fundamentals can't keep up. It's a bit like hot potato, but I still can't quite see who the real winner is. Wait, do you really believe in the AI + crypto logic, or are you just following the trend and gambling? Fundamentals, etc., are indeed a bit "redundant" in this round of the market, haha.
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GweiWatchervip
· 01-09 12:51
Honestly, I've seen more stories than fundamentals lately. It's just a fast-paced consumption mode now, with retail investors following trends, big players cutting leeks, and the cycle repeating. I'm still somewhat optimistic about Layer2, but I have to admit that data growth and hype are completely two different things. The wallet ecosystem is more genuine, with at least more users. I don't really trust the macro big funds approach; it's too虚 (vague/illusory). It still relies on technology to sustain itself for the long term.
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CryingOldWalletvip
· 01-09 12:51
Haha, fundamentals will never keep up with the narrative—that's the charm of crypto. To be honest, Layer2 is currently just air; the data looks good but is meaningless. The most reliable move now is the macro big funds entering the market; at least there's consensus on BTC.
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GasFeeCriervip
· 01-09 12:39
Honestly, right now it's a narrative-driven game; the fundamentals have already fallen behind. Layer2 is okay, at least there is real data there, unlike some AI coins that feel all air. Large capital driven by macro cycles? Ha, let's see if Bitcoin can hold its ground first. The AI + crypto story is too虚, where are the projects actually being used? Wallet ecosystem might be the next hot spot, but it's not in place yet. The most solid ones are those quietly working on things themselves, not relying on storytelling to survive.
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consensus_failurevip
· 01-09 12:27
To be honest, it's now just hot potato passing; whoever tells the best story wins. Layer 2 is hyped up a lot with data, but actual user retention remains a problem. Macro market entry is the most reliable, but who can predict this... AI coins should have already lost value; it's just a pile of concepts.
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