Recently, we have to talk about the current state of the Crypto Assets market. Bitcoin soared from $15,000 to $108,000, with an astonishing rise of 7 times. This bull run has shown completely different characteristics compared to previous ones.

Although Bitcoin has performed brilliantly, other crypto assets have been relatively quiet. This stands in stark contrast to the last bull run, during which we witnessed innovations and implementations in multiple fields such as NFT, DeFi, decentralized exchanges, blockchain games, the metaverse, DAO, Layer2, and cross-chain technology, as well as the rise of mainstream exchanges like Binance.

However, this does not mean that these technologies have become a bubble. In fact, many projects are still steadily developing. For example, the user trading volume on the UniSwap platform continues to grow healthily, demonstrating its practical application value. This indicates that there are still many people in the cryptocurrency field who are working diligently.

But we also need to recognize that pragmatic development does not equate to being able to tell a good story, nor does it mean that it will trigger irrational frenzied market conditions. In the past, an attractive concept could easily raise funds and spark an investment boom. Nowadays, although some projects are laying the groundwork for future development, the lack of novel narratives makes it difficult to attract large amounts of capital in the short term, which explains why we have not seen the so-called "altcoin season."

However, we should not assert that the Crypto Assets market is "finished" or "dead" simply due to the lack of a crazy market. This simplistic way of thinking does not help us understand and grasp future development opportunities. On the contrary, we should maintain an open and rational attitude, focusing on the long-term development trends and potential value of the industry.

The current market situation may be an opportunity to reassess and evaluate the actual value of various projects. Investors should pay more attention to the fundamentals of the projects, technological innovations, and practical applications, rather than merely chasing short-term speculation. This shift could bring a healthier and more sustainable development model for the entire industry.