In the past, it was the community that created the underlying enthusiasm.



Institutions and market makers believe that the enthusiasm will continue and are getting involved.

Secondary whales entering the market

More and more knowledge is being popularized later.

Institutions and market makers should have entered at 10m but chose to enter at 1-3m.

Level 2 whales choose to go directly to Level 1, or they simply don't trade coins and engage in projects instead.

I don't know how much longer the hype around web3 will last; it feels to me like the profit-making effect isn't like the days when fools were picking up money.
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