TechFlow news, on October 23, Bitget CEO Gracy posted on X stating that after recent discussions with several leading market makers and VCs, industry consensus has turned more conservative. She pointed out that retail investors currently face extremely poor risk-reward ratios in altcoins, and VC funds have largely withdrawn from the Web3 primary market. Only infrastructure projects with real resources—such as stablecoins, RWA, and payments—retain value, though most of these projects will not issue tokens. She also believes the DAT bubble is bursting, with long-tail projects lacking genuine buying demand. Recent financings have mostly taken the form of "token-for-equity," exposing investors to high risks. Gracy added that after the October 11 black swan event, market trading volume dropped by 20%-40%, multiple market makers suffered heavy losses, and the market is now in a phase of recovery and consolidation.
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