2026-01-12 23:37:31

The 2025 crypto market shows an interesting divergence. Bitcoin surged to $126K, hitting a new high, but behind this strength lies another side — the overall market growth is encountering a bottleneck.

Good news comes from the Ethereum ecosystem, with L1 network fees plummeting by 85%, meaning on-chain interaction costs have significantly decreased, and user experience has improved markedly. However, application-side revenue performance remains relatively stable and has not surged.

This phenomenon reflects the current structural changes in the crypto market: a dislocation between price movements and fundamental growth. Multi-dimensional data such as user activity, DeFi ecosystem, and NFT trading are all undergoing adjustments. It also reminds us that simply looking at rise and fall numbers is far from enough; a deep understanding of market structure is essential to grasp the true opportunities.

BTC-3,87%

ETH-7%

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WhaleShadow

· 01-15 10:44

Bro, why hasn't the ecosystem kept up after BTC broke 126,000... Fees have indeed decreased, but developers are still starving --- It's the same old story—price skyrockets, project teams are just grinding away, so true --- Can you give me some pointers on what it means to "deeply understand market structure"? I still rely on feeling when looking at charts --- The ETH ecosystem's recent moves are a bit disconnected... lowering fees is good, but if no one uses it, it's useless --- Who dares to only look at ups and downs now... That guy must have been liquidated before

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LightningAllInHero

· 01-15 03:46

126K looks great, but the real profit opportunities have probably been taken by the top players already. --- An 85% drop in fees sounds impressive, but no one is using it on-chain... --- Price and fundamentals are misaligned; basically, it's just a bubble being blown up. --- It's that same "understanding market structure" argument again, I've heard it for a year. --- BTC has pumped up, other coins are just riding along, it's boring. --- Let's wait until application revenue picks up; right now it's all just hype and speculation. --- Fees are cheaper, but no one is interacting? That must be so boring. --- Structural changes? I think it's just big players offloading. --- 126K is an astronomical price; small retail investors have already given up. --- Deeply understanding the market? Forget it, just look at the indicators and trade.

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rekt_but_not_broke

· 01-13 18:54

BTC 126K looks great, but where are the real profit-making opportunities? The sharp drop in fees sounds awesome, but the application revenue still hasn't moved, and that's the real issue.

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CryptoSourGrape

· 01-13 00:07

I knew it, if I had known BTC could rise to 126K, I would have gone all in a long time ago. Looking at this market now, I can only feel jealous... Fees dropped by 85%? Oh my god, if I had bought ETH earlier... --- I wish I wasn't so inexperienced. Looking at these data, I really want to smash my phone. --- Price goes up, but the fundamentals can't keep up. Isn't this just hype? I knew it would turn out like this. --- Talking about understanding market structure, I haven't even fully understood my own wallet structure haha. --- Lower fees are useless if you have no money; lack of funds is the biggest cost. --- If I hadn't been so timid back then, I could have made this wave profit. Now I can only watch others fly high. --- Overall bottleneck? My profits have long hit a ceiling, haven't they?

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GasFeeVictim

· 01-13 00:06

BTC has broken 126,000, but why does it feel like the ecosystem has no buzz? Fees plummeted by 85%, which looks great, but where are the truly profitable applications? Price is rising, but the fundamentals haven't kept up—that's the real issue. Is this another season of retail harvesting... L1 fees are cheap now, but who's actually using them? That's the real problem. The divergence is too obvious; only the coin price is celebrating. The era of making money just by looking at rise and fall numbers is over; now you need to truly understand the market. With ETH ecosystem fees so low, why is DeFi still so quiet? Price and fundamentals are out of sync—can this last? BTC hit a new high but market growth has stalled; something feels off. Application revenue has no movement; are funds really withdrawing?

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TradingNightmare

· 01-13 00:03

BTC hitting 126K and then opening champagne? Watching the fees plummet by 85% makes me even more anxious. What does that mean? It just shows that no one is really using it. The disconnect between price and fundamentals is something the market has seen too many times. In the end, retail investors are the ones who get hurt. A new high for Bitcoin doesn't mean the ecosystem is taking off. This principle needs to be understood clearly.

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CryptoGoldmine

· 01-13 00:01

BTC breaking 126,000 indicates one thing: the pure price trend can no longer reflect the fundamentals. I have recently been paying attention to the hash rate to reward ratio. Frankly, the current difficulty adjustment cycle indeed provides miners with opportunities for strategic deployment. The 85% drop in fees is very interesting, but the steady application revenue precisely indicates that user stickiness still needs time to solidify.

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ruggedNotShrugged

· 01-12 23:57

BTC 126K looks great, but the entire market is stagnant, which is the most heartbreaking Fees plummeted 85%, sounds impressive, but when I turn around and see that app revenue is still the same, I can't smile The price is disconnected from the fundamentals, in plain English, it's just a show, and we're watching the drama NFT trading also hasn't shown much progress, everyone is waiting for the next hot trend Isn't this wave just big players accumulating, while retail investors are still blowing bubbles

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PumpingCroissant

· 01-12 23:48

BTC has skyrocketed to 126K, and there are still people saying the market is not good? That's just ridiculous. Fees have plummeted by 85%? Sounds good, but I'm just worried it's survivor bias. The price and fundamentals are misaligned, in plain terms, they haven't found a buyer yet. The overall market cooling down—that's the real truth.

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LiquidationSurvivor

· 01-12 23:40

BTC has hit a new high again. With such low fees, why isn't anyone using it? It seems everyone is just waiting for the next wave.

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