Chainlink co-founder: This bear market is different from previous ones, with no major institutional collapses and continuous growth in RWA

Chainlink co-founder Sergey Nazarov stated that despite the cryptocurrency market's total market capitalization dropping 44% from the historical high of $4.4 trillion in October, this bear market has two essential differences from previous cycles.

First, unlike the collapse of crypto lending institutions like FTX in 2022, this downturn has not seen significant institutional failures or systemic risks; there have been no major risk management failures leading to institutional bankruptcies or widespread systemic risks, indicating that the industry is now better equipped to handle volatility. Second, the on-chain RWA tokenization value has grown by 300% over the past 12 months, proving that this innovation has value independent of speculation and is not closely tied to cryptocurrency prices.

Bernstein analyst Gautam Chhugani also mentioned that the current Bitcoin price movement is merely a crisis of confidence, with nothing collapsing. BTSE exchange COO Jeff Mei pointed out that this sell-off is primarily driven by non-crypto catalysts, including concerns over the bursting of the AI tech bubble and the nomination of Kevin Warsh as Federal Reserve Chair, which may tighten liquidity.