#美国证券交易委员会推进数字资产监管框架创新 Honestly, in the past two months holding a certain mid-cap token, this might be the time I experienced my greatest emotional fluctuation.

It wasn't the kind of despair where everything collapses, but the feeling of helplessness as you watch genuine funds being dumped and big players accumulating, with the price just refusing to go up no matter what.

First, let's look at the market rhythm.
When rumors about an ETF from a major platform surfaced some time ago, my first reaction was: something's not right here; but the market had already moved ahead. Soon after, the project team officially denied the rumors, saying the documents were forged. The sentiment instantly flipped, and that very day, a strong sell-off hit the charts. Logically, this isn’t considered bad news—it simply burst a certain expectation—but the market simply doesn’t buy into this.

Even more bizarre is the subsequent trend pattern.
The project team isn’t just sitting idly—buybacks are indeed happening, the amounts are visible, and token burning and destruction aren’t just for show; they’re quite substantial. But the price feedback is particularly strange: each time, the buying support looks like it’s delaying the decline rather than genuinely reversing the trend.

Currently, everyone’s psychological support level is at the $0.9 mark.
This isn’t a technical support line; it’s a psychological barrier.
Because behind this price point, it’s not just the average retail investor’s cost basis at stake, but also some repeatedly mentioned “long-term holders’ cost basis.”

If this level breaks, the entire narrative framework will distort;
but if it holds, it might create the illusion that “the bottom is right here.”

On-chain data looks even more heartbreaking.
You can observe that some large funds have indeed reduced their holdings and exited, with the on-paper profits looking especially enticing;
at the same time, another group of addresses is continuously transferring chips from exchanges to wallets at low prices.
In the same timeframe, these are completely opposite operational logics.

For retail investors, this is the most torturous dilemma—
You don’t even know if you’re just running alongside others or if you’ve just hit the critical point of chip turnover.

But if you extend the timeframe, this project isn’t just “story-driven.”
The mainnet launch plan is on the schedule, fiat trading channels are gradually being implemented, and there are supporting initiatives like trading rewards, points multipliers, and liquidity mining—everything looks like it’s paving the way for the next wave of growth.

But the contradiction here is:
The market is currently unwilling to buy into those “long-term certain things” in advance.