The recent heat in the crypto circle has indeed been cooling down. The traffic related to cryptocurrencies on YouTube has dropped back to levels from five years ago, reflecting a rather painful reality — no new funds are flowing into the OTC market, and the current market is entirely driven by existing positions competing against each other. New retail investors and new players are hardly visible.

A key detail is that the $90,000 mark has become Bitcoin's "confidence bottom." As long as BTC stays above this level, people can hold on; once it falls below, even the little confidence remaining among retail investors might collapse. Market sentiment is this fragile.

What’s even more painful is the internal division within the market. All attention, funds, and enthusiasm are concentrated on Bitcoin, while Ethereum and other coins show a clear lack of consensus, with sentiment scattered. In the short term, there’s no sign of a comprehensive rally; most are just watching their own markets.

Overall, it’s currently a period of high-level consolidation and waiting, with retail investors collectively falling into a "lying flat" mode. The key to where the market goes next still depends on whether the $90,000 threshold can hold.