As we enter the last month of 2025, the overall market seems somewhat dull. Recently, I noticed an upcoming on-chain perpetual contract trading platform, and its token performance continues to decline since its debut day. This signal is very clear — the overall market sentiment remains weak. Retail investors' enthusiasm for emerging projects has noticeably waned, and many seem to agree that exiting at the open is the best move.

Thinking about it, confidence is extremely crucial. In simple terms, how much market sentiment influences price swings? That’s how powerful it is. Prices always fluctuate around value; how far they swing depends mainly on the mood of the participants.

Objectively assessing the current situation, many projects with solid fundamentals are indeed trading at valuations that deviate from their fair levels, even seeming slightly undervalued. However, they haven't yet reached the extreme cheapness level. So my attitude is: stay steady, don’t rush to buy the dip.

Looking back at this year's performance of crypto assets, honestly, it hasn't been ideal. On the other hand, silver, gold, and even some traditional large stock indices have performed remarkably well this year, creating a contrast. But I don’t think we should focus too much on the performance of a single year; it’s better to look at a longer time horizon. Choosing assets that can outperform the overall market over the long term is the right approach.

Regarding the market, the recent period has been relatively calm, with nothing particularly noteworthy. However, I’ve observed a few fundamentally decent altcoins showing signs of rebound after hitting bottom, and they currently look quite stable. Although short-term market sentiment hasn't fully recovered, as long as the oscillation pattern remains intact, the probability of breaking the recent downtrend and ushering in a new wave of market activity still exists.