The recently released US core CPI data sent a key signal: inflationary pressures are easing modestly. This means the Federal Reserve has more room in policy-making—no longer forced to aggressively hike rates due to runaway inflation, nor rushing to cut rates to hedge against a recession. The market calls this state the "Goldilocks" economy, sounding quite perfect: growth is not overheating, and a recession is not knocking on the door.

In theory, this should be positive for risk assets (including cryptocurrencies). But here’s the question—when the once most glamorous macro narrative (the inflation battle) gradually subsides, what is the next story driving the market? Is it hype around a certain technological concept, or falling into a period of sideways consolidation without direction?

This is the delicate point right now. Macro driving forces are "shifting gears," and investors’ attention must adjust accordingly. Instead of chasing macro policy trends, some protocols focused on internal value creation within the crypto ecosystem are beginning to show different appeal. They do not rely on external bets like "Will the Fed cut rates?" but instead generate returns by capturing the economic value of the protocols themselves.

From another perspective: when the economic environment shifts from "thrilling and risky" to "calm and steady," where will investors turn their eyes? Assets that once profited from macro battles now need to prove they can still generate real value in "good weather but flat" times. At this point, whether a protocol can sustainably generate yields and maintain stable value amidst market noise becomes the true dividing line.

**The Double-Edged Sword of Macro Policy Easing**

The stability of core CPI is both an opportunity and a challenge for the crypto market.

The good side is clear: the risk of aggressive monetary tightening has receded, and market liquidity is secured. This means lower financing costs and restored attractiveness of risk assets.

But on the other hand, the two key narratives that previously drove market rallies—"inflation hedging" and "aggressive rate cut expectations"—are now losing their effectiveness. When no one worries about inflation anymore, the narrative of cryptocurrencies as "inflation-proof tools" becomes pale. When rate cut expectations are no longer aggressive, the upward momentum driven by stimulative policies gradually diminishes.

**From "Yield Enhancer" to "Value Anchor"**

In this context, the market’s requirements for investment assets will subtly change. Assets that once provided excess returns in a bull market now need to prove they are not just fleeting phenomena.

This is why some protocols that operate steadily within the crypto ecosystem are beginning to attract attention. Their core logic is straightforward: through protocol operation and economic design, they continuously capture value and then return some form of it to token holders. This logic does not depend on macro policy cooperation or waiting for the next hot concept, but relies on the protocol’s own "production capacity."

During periods of market sentiment calming and narrative lack of direction, this "self-sufficient" value creation approach becomes especially valuable. Investors shift from chasing "the next big story" to focusing on "can this asset generate yields for me every day."

**Rational Choices in Thinking**

As macro driving forces become less aggressive, the crypto market will undergo a natural "de-foam" process. Projects that rely solely on hype and narratives will gradually lose appeal, while those that can demonstrate real economic output will become safe havens for rational capital.

This does not mean the market will become boring, but rather that investment logic will mature. The focus shifts from betting on macro policies to evaluating an asset’s intrinsic earning capacity. This is actually beneficial for the overall development of the crypto ecosystem—it forces project teams to focus more on their products rather than just storytelling to maintain hype.

For investors, now is the time to reassess their asset allocations with concrete actions. In the gentle environment of the "Goldilocks" economy, finding protocols and projects that can stably generate value may be more reliable than waiting for the next macro miracle.