I think you are right—

However, what Ethereum is facing now is not a collapse of the belief system, but rather a narrative competition.

Decentralization, core development, ecological capital, Layer 2, and Rollup fundamentals are still intact.

Reflexivity is not linear; it also has a feedback mechanism—

I should have encountered several instances where negative reflexivity rebounded into positive reflexivity. When prices drop to an absurd level and emotions reach extremes, the market will naturally reassess value and even create new narratives.

Reflexivity can indeed "make lies come true," but I want to emphasize: reflexivity is not fate; it is a dynamic game.

So the key question is not "Will noise become reality?"

But rather to ask: Are the fundamentals and belief foundation of this project still there?

When is it a lie, and when is it fate? We must clearly see the time window and the real momentum of the fundamentals.

Remember this: Projects that have truly been abandoned by the market are so neglected that no one even bothers to create FUD about them.

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