Bitcoin has indeed been a bit weak this wave, basically just oscillating at a high level to digest profit-taking. Now, the rebound at $ETH looks more like a catch-up logic, after all, the ETH/BTC ratio has fallen to a level that's hard to look at.
The real problem is that the entire market currently lacks new narrative drivers. Bitcoin at $BTC near 100,000 is a psychological barrier, and breaking through requires real money, not just sentiment. The modest gains in ETH are, to be blunt, just a technical rebound, and we are still far from a real bull market.
I think the focus now should be on the flow of funds: if even Bitcoin starts to consolidate sideways, the days for altcoins will be even tougher.
The price of INJ at this level is really interesting. It's basically a typical divergence between fundamentals and technicals.
EVM integration is indeed a big move: it allows Ethereum developers to migrate seamlessly, and this compatibility strategy is most likely to be underestimated in a bear market. The deflationary mechanism is also good, but the key is whether the actual destruction volume can keep up.
Institutional narratives sound very appealing, but to be honest, institutional funds are very cautious right now. The story of RWA tokenization has been told for more than a year, with very few projects actually being realized. AI capabilities are more about marketing packaging.
The technical aspect is indeed underperforming; the position at 5.82 indicates that the market is not buying these positive news. The current issue is: can the fundamentals hold the price before the next cycle explodes?
My view is that INJ has underlying value, but timing is crucial. Entering the market now requires strong patience and capital management skills.
