Bitget CEO Gracy: The consensus in the crypto industry is becoming more conservative, and the current market is in a phase of recovery and consolidation.

On October 23rd, Bitget CEO Gracy posted on X and mentioned that following recent interactions with multiple top market makers and venture capitalists, the industry consensus is becoming more cautious. She pointed out that currently, retail investors have a very poor risk-reward ratio in meme coins. Venture capital funds have significantly withdrawn from the Web3 primary market. Only infrastructure projects with real-world assets such as stablecoins, RWAs, and payments still retain value, but most of these projects will not issue tokens. She also believes that the NFT bubble is bursting, long-tail projects lack genuine buying interest. Recent fundraising is mostly in the form of "token-for-equity," and investors are generally facing high risks. Gracy also stated that after the 10/11 Black Swan event, market trading volume has decreased by 20%-40%. Many market makers have been severely impacted, and the current market is in a phase of recovery and consolidation.