@CZ I just saw this tweet and wanted to briefly share a couple of thoughts.

To translate the two sentences: big money will chase grand narratives; and grand narratives come from real change.@币安广场

A lot of retail traders’ first reaction when they see the word “narrative” is to rush into all kinds of story coins, thinking it’s time to speculate on themes again. But this sentence is actually cooling things down.

What it means is: you can’t just make up a nice story and expect capital to come in and buy the bag. The order is reversed. There first has to be real industry change and product implementation before a market-wide narrative can emerge, and only then will big money enter the market.

It’s not about creating a story to pump prices; it’s real change giving rise to a story, which then attracts big capital.

If you look at the current market, it’s easy to understand. Those altcoins that rely purely on hype and concepts, with nothing actually delivered and nothing but empty promises, may surge for a short time, but they won’t go far.

Sectors that can truly sustain a long-term rally must have real changes happening underneath — in technology, ecosystem, and business.

So this sentence is not bullish for pure narrative-driven speculation coins; rather, it is bullish for sectors supported by real change. Coins that rely only on imagination and storytelling will find it harder and harder to survive going forward.

When we trade, we need to distinguish clearly: short-term moves can be driven by narrative bubbles, but big-picture rallies always depend on real industry change.
#叙事 #真实