Currently, many opinions suggest that the poor market conditions are due to insufficient Liquidity, which may or may not be correct.

The current global liquidity is very abundant, with global stock markets skyrocketing, and gold and silver prices surging. The Russell 2000, which symbolizes liquidity, continues to reach new highs. However, the crypto market has not seen new funds entering, as native cryptocurrency funds are continuously fleeing into the stock market, marking the third consecutive decline in October.
The innovations in this bull market are really negligible. There is no true leader in this round of crypto; instead, a certain exchange is still obsessed with memes and unable to extricate itself from the alpha, and has even created a wave of Chinese-themed meme schemes to lure in a lot of people.
Funds outside the circle are increasingly confused by the crypto world. When investing in the stock market, they at least look at the narrative, financial reports, and the team. What can they see in these memes? A few words worth hundreds of millions of dollars? How can they possibly understand?
The crypto market doesn't have to be this ugly. RWA, cross-border payments, and the recently popular x402 can elevate the entire crypto market to a higher level, attracting more web2 users, instead of just endlessly launching a bunch of air.
I believe that the leaders of the crypto industry should consider how "technology" can change the "world", rather than purely engaging in shady practices. For example, the web2 internet has almost completely reconstructed traditional business, from communication to the buying and selling of goods, and the flow of information and funds, etc. What has blockchain contributed to web2, what has it contributed to the world, what was Satoshi Nakamoto's intention in creating BTC, and what is blockchain itself? These are all questions we should reflect on.