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In-depth article sharing, key point summary:
• End of the first crypto curve: This refers to the collapse of the cryptocurrency market model driven by speculation, narratives, and zero-sum games. 1011 is a landmark event marking this end.
• The waning strength of traditional finance: The monetary policies (such as rate hikes/ cuts) relied upon by the traditional financial system (TradFi) have become ineffective, turning into "emotional massage." This is also why rate cuts and liquidity injections are more easily priced in rather than truly driving sustained market trends.