According to CoinMeta, Gracy Chen indicates that the current market is not a typical bear market or bull market, but rather a “monkey market” due to its constant fluctuations. She points out that although market sentiment has changed dramatically within a week, the fundamentals have not. In such a monkey market, high leverage carries two-way risks. She further notes that many Layer, Layer, and Web3 applications are “dying or on the verge of dying,” while stablecoins, tokenized stocks, and real-world assets show a true product-market fit. She believes that the real triggers for a bull market include the passage of the Clearing House Act and the U.S. government’s commencement of purchases, but both of these are still uncertain at present.