#美联储恢复降息节奏 The market is exhibiting magical realism.

Bitcoin has fallen from its peak of $126,000 to now, a drop of nearly 30%, and the psychological barrier of $90,000 is in jeopardy. At the same time, a Layer 2 project that hasn't even launched on an exchange has surprisingly raised $28 million in its presale—this script is something even the screenwriters wouldn't dare to write.
Numbers don't lie. In the past month, those who call themselves "diamond hands" have thrown away 815,000 BTC, marking the most severe wave of selling pressure since January last year. The ETF side is also restless, with daily redemption scale approaching $1 billion at one point. Even worse is the derivatives market, where both longs and shorts have evaporated $8.25 billion, leading to nearly 400,000 people being liquidated. Leverage is like this: it’s a rocket when it rises, and a meat grinder when it falls.
But amidst the wails, a Layer 2 project called Bitcoin Hyper became quite popular. With no background and no platform, it managed to secure over $28 million during the presale phase solely based on the selling point of "giving Bitcoin Solana-level speed," with a single whale investing $500,000. The heat in the infrastructure track sharply contrasts with the bleakness of mainstream coins.
So the question arises: Is the "digital gold" narrative of Bitcoin already outdated? Can Layer 2 scaling solutions become the catalyst for the next market rally? Is this 28 million dollars smart money positioning itself in advance, or is it just another game of musical chairs?
What do you think? Share your thoughts in the comments.