In this circle, no matter how beautiful the narrative is, it seems to be doomed— they will eventually fade away. Not a slow consolidation, but a fall from the peak back to the origin.

Just look at the trends over the past few years. NFTs were once extremely popular, inscriptions once flooded the screens, Ethereum L2 was hyped as the future, and PEPE and WIF made many dream of getting rich overnight. And now? Most of them have returned to the starting point, or even lower.

In contrast, BTC has survived through multiple rounds of narrative updates and iterations. Not because its story is the most compelling, but because it has gone through enough cycles for validation. This is almost the harshest reality of this market—those who survive are often not the most glamorous ones.