Recently, I noticed an interesting change. The Aptos unlocking event has arrived, but the market hasn't shown the panic sell-off that was typical two years ago. Instead, it feels more like a genuine stress test—project teams, institutions, and retail investors are all demonstrating their capabilities, and on the day of the unlock, you can see who the true long-term holders are. This indicates that the market in 2026 has become significantly immune to pure sentiment.

Looking at Ethereum's performance is even more intriguing. Corporate treasuries are staking 1 million tokens, ETF applications are steadily progressing, and various sentiment indicators are beginning to warm up. It is gradually evolving into a foundational infrastructure role within crypto assets—not stealing the spotlight, but an unavoidable presence. Regardless of price movements, at least the certainty is gradually accumulating.

The most symbolic event is the explosion of XMR. Privacy coins are regaining attention from funds during this period of frequent discussions on compliance and regulation. Essentially, the market is reminding us of a reality: as the world moves toward transparency and institutionalization, privacy will become increasingly scarce and valuable.

Participants in the market have their own plans. Some are waiting for technological breakthroughs, some are waiting for the unlock window, and others have already begun to prepare for the industry shifts after regulation is implemented.