#代币化趋势 Seeing this report from JPMorgan, I have to calmly say one thing: don’t be blinded by this kind of rhetoric.

Yes, what they say makes sense—ETF capital outflows, leverage liquidations, seasonal liquidity shortages—these are indeed short-term factors. But the problem is, every major dip is preceded by similar "reasonable explanations." I’ve seen too many project teams and whales use this kind of talk to stabilize confidence, only to start cutting leeks once retail investors relax their guard.

JPMorgan emphasizes that the "tokenization trend remains steady," and I admit that. But what’s steady isn’t the market; what’s steady are the projects that truly have practical applications. The question is, how many token projects are actually doing real work? Most are still just storytelling, waiting for the right moment to run when the wind turns.

Will this wave of correction be a bear market? I don’t know. But what I do know is:
- If you’re still chasing highs, be extra cautious right now
- Truly good projects will survive longer in a bear market, making it a good time to observe
- Projects that rely on public opinion to maintain hype are often the most dangerous

Instead of stressing over whether it’s a harsh winter or just a correction, ask yourself: do the projects you hold have real utility? That’s the key to lasting longevity.