Bitget CEO Gracy posted on X that after recent conversations with several leading market makers and VCs, the industry consensus is becoming more conservative. She pointed out that the risk-return ratio for retail investors in altcoins is currently extremely poor, and VC funds have largely withdrawn from the Web3 primary market. Only infrastructure projects with real resources, such as stablecoins, RWAs, and payment platforms, still have value, but most of these projects will not issue tokens. She also believes that the DAT bubble is bursting, long-tail projects lack real buying, and recent financing has mostly been in the form of "coin-for-equity" transactions, which generally exposes investors to high risks. Gracy also stated that after the 1011 black swan event, market trading volume dropped by 20%-40%, and many market makers suffered heavy losses. The market is currently in a phase of recovery and consolidation.