Recently, Huobi HTX's new column "Partner 1+1" invited crypto KOLs such as Baili, Sunova, Yuanliu, and Big Brother to share their views on mainstream market trends, opportunities and challenges of Meme coins, under the theme "Taking the Pulse of the Market: Challenges, Opportunities, and Future Outlook."

Current Market Sentiment and Track Observation: Opportunities Amid Caution

When discussing the recent market, the guests generally believe that there is a pervasive sense of caution, even pessimism, describing it as an "emotional bear market" or "emotional trough in a structural bull market." This sentiment mainly stems from factors such as insufficient liquidity in the macro environment, the influence of U.S. stock market trends, potential policy risks, and a decline in trust. Baili pointed out that on-chain liquidity is also locked due to the "holding for appreciation" mentality, exacerbating the sense of exhaustion. Sunova also mentioned that the "Fear and Greed Index" has fallen into the fear zone, indicating a risk-averse mindset in the market.

In this context, most guests suggested adopting defensive strategies. Both Big Brother and Yuanliu expressed reservations about most Meme coins, believing they lack intrinsic value, and recommended "holding and waiting" for better bottom-fishing opportunities. Yuanliu added that even projects backed by VCs face challenges in implementation and should not be blindly participated in. For on-chain players, there are opportunities to explore some emerging tracks.

However, regarding the core question of "Is the bull market still on?", the guests had differing opinions:

• Pessimistic View: Baili believes that current liquidity cannot support a comprehensive bull market, and Bitcoin can only oscillate at low levels, while altcoins lack momentum and are even being "sucked dry." The market needs to break the existing state to welcome development.
• Structural Optimism: Despite the short-term pessimism, Yuanliu, Sunova, and Big Brother still believe the foundation for a bull market remains. Yuanliu insists on dollar-cost averaging into Bitcoin, arguing that while the poor performance of altcoins disappoints users, the logic of the bull market has not changed. Sunova believes that the continuous buying of ETFs and the cost line brought by Bitcoin halving can provide support, and the current decline is more like a buildup for a new narrative. Big Brother not only firmly believes that Bitcoin's long-term target price will reach high levels (over $300,000) but also observed that institutions have recently increased their BTC holdings against the trend (from March 24-30), contrasting with retail investors' sell-off. He judges that the bull market is still on but emphasizes that the bottom may need to form a "double W bottom" pattern and predicts that this round will "definitely not have an altcoin season."

In terms of specific track selection, while being cautious in the short term, there is still a long-term layout mindset. Sunova clearly stated that although Meme coins provide a low-threshold entry, he is more optimistic about RWA and AI+Blockchain with long-term value, believing these directions can enhance the financial attributes and real application potential of Web3.

Meme Coin Frenzy: Opportunities and Challenges Coexist

In the discussion about Meme coins, Sunova believes that they come with both opportunities and challenges. The opportunities lie in low thresholds, high transmissibility, and retail dominance, especially as events related to Trump have attracted attention from outside the circle. However, the challenges include information asymmetry and the risk of going to zero; he candidly admitted that he "dare not hold overnight dogs."

Yuanliu pointed out that a successful Meme coin must possess fun, strong community consensus, and viral spread. He believes that the opportunities for Meme coins always exist, as they represent a form of decentralized culture and are a necessary path for on-chain players, but participants must have strong judgment.

Baili believes that Meme coins should be the "seasoning" of the market rather than mainstream; if they cannot demonstrate core value through practical applications, they will ultimately degenerate into PVP (player versus player) games.

Current Status and Prospects of Bitcoin and Ethereum

Regarding the future trends of Bitcoin and Ethereum, Yuanliu believes that Ethereum has long-term value potential, as Vitalik's talent may bring new breakthroughs. However, the current weak performance of Ethereum and the migration of the Meme craze to Solana and BNB Chain are the main reasons. He revealed that institutions are still increasing their holdings and suggested that investors participate with a hunter's mindset rather than that of prey.

Baili analyzed logically that Ethereum has laid the foundation of the crypto ecosystem through smart contracts, extending to NFT, DeFi, and other applications. As long as these ecosystems exist, Ethereum will not perish.

Big Brother predicts that Bitcoin will oscillate upward, while Ethereum has not yet bottomed out but may drop to three digits. Big Brother emphasized that he is looking forward to Huobi HTX returning to the top three exchanges.

Sunova believes that Ethereum carries countless dreams and efforts and will not perish, but its price trend is driven by macro narratives and market expectations. He currently does not hold a large position in Ethereum but remains confident in its ecological advantages.

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