2026-01-09 03:34:38

The crypto market has now reached a turning point. Traditional funds are continuously pouring into Bitcoin spot ETFs, laying a more solid foundation for the entire market capitalization system. At the same time, after Ethereum completed the Cancun upgrade, competition among Layer2 solutions has become exceptionally fierce—those who can offer users lower costs and better experiences will stand out.

Interestingly, the market's focus is gradually shifting from various meme projects to tracks like RWA and DePIN, which have the potential to link with real assets. This reflects a rational recovery in the market. But don’t be fooled by this rationality, because the overall market liquidity is still tied to macro interest rate expectations, and the bubble risk of high-valuation projects remains. Pay special attention to regulatory developments in the US and Europe—these policy signals often have the power to reverse market sentiment and fund flows in the short term.

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0xLostKey

· 01-10 05:45

After the Cancun upgrade, L2 really started fighting, but whether it's low cost or not, the key is whether the ecosystem has people. The entry of ETFs indeed provided confidence, but this wave of rational recovery feels just like that. After RWA became popular, there's even more fear that a single regulatory document could wipe everything out... Honestly, it still depends on how the US and Europe respond; now any gamble has to consider policy reactions. Last year's meme dream is gone, and this year's RWA dream has come again—repetition. Traditional capital coming in is a good thing, but don't celebrate too early; liquidity exhaustion can still lead to failure. If regulation really comes, Layer2 projects will also suffer; it's not like low costs can make you immune.

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FallingLeaf

· 01-09 18:30

Cancun upgrade has truly led to a blooming of Layer2 projects, but it still feels like only a few top players are surviving in the end. RWA is hot, but I still think it's a bit虚 (虚 means虚假 or虚幻, but context suggests skepticism), Bitcoin spot ETF is the real gold and silver. Stop talking about market rationality recovery all the time. One regulatory news can crash the market. Let's just act as gamblers. High valuation projects are everywhere, nobody stops the work of cutting leeks. Liquidity is well explained; indeed, it's tightly controlled by the Federal Reserve. Meme coins dead? Only a fool would believe that. They're just changing masks to continue the scam. Honestly, Layer2 fees are cheaper, but user experience still sucks. I'm optimistic about RWA but not about the current project team's玩法 (playstyle or tactics). When policies change, the world gets chaotic. Who can survive until the end? The Cancun upgrade wasn't as revolutionary as expected.

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RetailTherapist

· 01-09 04:57

Haha, it's the same old story. When ETFs enter the market, they say the fundamentals are solid, but once regulators tighten their grip, everything gets cut in half. No matter how hot Layer2 gets, it's still just virtual; the real money is still in Bitcoin. RWA and DePIN have been hyped for so long, but where are the real applications? Probably just fooling new investors. Don't talk about rational recovery; honestly, it's just big players playing new tricks to cut retail investors. When macro interest rates move, these high-valuation projects immediately reveal their true colors, and a slap from regulators can wipe them out completely. The Cancun upgrade? Once the hype is over, there's no news. It's not that easy to truly improve the experience. By the way, can we really get through this wave? Feels like another bubble...

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pvt_key_collector

· 01-09 04:02

I never thought there are still people who truly believe RWA can save the market, hilarious --- Layer2 has really become competitive to the extreme, in the end, it's still about VC hype --- It's all about who first triggers the regulatory minefield, any move by the US or Europe will ruin everything --- Capital inflow ≠ good fundamentals, don't be fooled by spot ETFs --- Meme shifting to RWA? Why am I still watching trash coins plunge? --- Liquidity, to put it simply, is just a barometer of interest rates, nothing new --- The bubble risk "is always there," saying that is basically saying nothing --- In the end, the trend is determined by regulatory developments, everything else is虚的 --- Cancún has been upgrading for so long and still fighting price wars, indicating Layer2 isn't as strong as imagined

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BanklessAtHeart

· 01-09 03:57

Honestly, I'm still a bit skeptical about RWA... Can it really be implemented? Right now, we're just waiting for a word from US regulators, and the whole market will have to react. With layer2 so competitive, in the end, it still depends on who can cut costs to the extreme first. After the Cancun upgrade, it doesn't feel as explosive as expected. What do you guys think? The shift from meme to RWA... sounds rational, but actually it's just funds looking for the next story. Bitcoin ETF influx is real, but will this money actually stay? Or is it just another wave of profit-taking and then leaving? Interest rate expectations are locked in; breaking this deadlock is basically pointless. When regulation tightens, the entire narrative collapses, which is boring.

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MetaverseLandlord

· 01-09 03:52

That's a valid point, but I think RWA is still more of a concept than actual practice at the moment. No matter how aggressive Layer2 is, it still depends on ecosystem development; otherwise, it's just impressive on paper. Regulation is really a thing—once a policy is announced, funds instantly shift, I've seen it happen too many times. The introduction of BTC spot ETFs to traditional capital is a good thing, but don't celebrate too early; they can pull out just as quickly. The bubble is always there; the key is to catch the right track at the right time. Wait, can someone explain to me why DePIN suddenly became so popular? Actually, it's still about liquidity—everything rises when liquidity is abundant, and it all collapses when it tightens. But I have to admit, the market is indeed filtering projects now; the meme era is a bit over. Whenever regulatory winds change, we all have to start sleepwalking again.

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LayerZeroJunkie

· 01-09 03:40

In simple terms, it's traditional finance taking over, short-term gains are satisfying, but in the long run, it still depends on regulatory approval. Layer 2 has been heavily competed in this wave, but the ones truly making money are always those who buy the dip. Everyone is now talking about RWA, but once the bubble bursts, you'll see who's actually swimming naked. The Federal Reserve's policies can reverse the market trend with a single move; why should we, the retail investors, worry so much? Is the Cancun upgrade really that effective? I thought it would be able to instantly dominate everything, including air. Well said, liquidity is still abundant, so why should prices go up? Now that everyone is waking up to doing RWA, it's probably time to run. Let's observe and see; at least ETF buy-ins have made the bottom more solid. Anyone who believes in a return to rationality, I will slap them; valuation bubbles are high, and that won't change anytime soon. Layer 2 is now a hell of internal competition; even with great user experience, without traffic, it's all pointless.

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BearMarketSurvivor

· 01-09 03:39

Damn, they're starting to talk about RWA and DePIN again. It really feels like the market is reshuffling. Bitcoin ETF entry is indeed stable now, but Layer2 is tangled up like a ball of yarn. Who will win is really hard to say. Regulation is the real killer move. One news story can change your mind in minutes. Wait, those still daring to chase high-valuation projects are probably brave souls. Liquidity being tied to the Federal Reserve isn't a bad logic, but the market is always crazier than you think. After Cancun's upgrade, these L2s are really starting to compete. Let's watch. Don't be fooled by the term "rational recovery." Bubbles will come when they are supposed to. It feels like we're entering another phase that's hard to judge. I'm choosing to observe. Policies can really turn around overnight. Before going long, check out the attitudes of Europe and the US.

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