In February, as cryptocurrency sell-offs intensified and market sentiment worsened, excessive leverage indicated that the road to recovery would be long. Bitcoin, affected by the widespread sell-off of tech stocks, is now being compared to software stocks by institutional investors, leading to synchronized selling. However, valuations in the software industry seem to be undervalued, suggesting a potential bottom. The NeoFi protocol's N7 index performed significantly better than the overall market, indicating that the market is shifting toward protocols with sustainable fee income. The market is becoming increasingly mature, while Ethereum's Layer 2 networks are facing structural changes as user engagement has declined relative to the mainnet. Looking ahead, market focus is shifting toward underlying cash flow and utility, with stable protocols and potential ETF capital inflows expected to lead the market recovery after overall volatility subsides.