#加密市场行情 The signs of a冷 market have been evident for a while. Since the second half of this year, I have clearly felt that momentum is dissipating—hype in crypto groups has dropped several levels, and new narratives are lagging behind. Looking at this intelligence summary from December 26, besides the repeated old tricks of Meme coins (67 flash crash 74%, WhiteWhale hitting new highs), other content points to deeper underlying trends.

The refund controversy with Trust Wallet and Binance’s airdrop threshold settings are just minor episodes. What’s truly worth pondering is that article titled “Zero Predictions, Five Crypto Consensus for 2026” — they compiled 30 forecasts from top-tier institutions like Galaxy and a16z, indicating that leading players are already redefining narratives. I’ve seen this kind of shift before. After the frenzy in 2017, the silence in 2018 started like this, and then in 2019, DeFi truly broke through.

The signals now are very clear: Uniswap is pushing token burns and adjusting fee structures, indicating that mature protocols are shifting towards value return mechanisms; Perp DEX is incorporating commodities like silver into trading categories, on-chain finance is moving from native crypto to macro assets. This is not a Meme coin story; it’s a story of ecosystem maturity.

At such a node, blindly chasing risk assets is no longer a strategy. What we should do is return to fundamentals and see which projects are truly building underlying value. The opportunities in 2026 are not in hype but in cycle shifts.