I. Startups & Innovation
Sentiment stayed risk-off; funding turned cautious with valuation resets. Founders face tighter runways—only teams showing clear product–market fit and real adoption keep momentum. Infra, DeFi and NFT tooling remain active, but execution + defensible utility are now mandatory.

II. Top-5 Majors

• Bitcoin (BTC): Broke $90,000 on a sharp pullback; large players turned wait-and-see, capping rebound odds.

• Ethereum (ETH): Stabilized near $2,800; long-term roadmap intact, but no near-term catalyst.

• BNB: Drifted toward $290; performance tracks platform/regulatory headlines.

• Solana (SOL): Relatively resilient; strong builder activity, consolidating around $70.

• XRP: Volatile into court milestones; showed better downside defense as traders pre-position.

III. DeFi Market
TVL retreated ~$160B → ~$130B, reflecting de-risking and security concerns at the edges. Designs with sustainable yield, robust risk controls, on-chain insurance outperformed. Expect selective rotation once macro/liquidity steadies.

IV. Meme Coins
Despite broad weakness, activity held up. DOGE、SHIB retained retail mindshare; flows remain community + momentum-driven. High beta persists—edge depends on hype + liquidity + exit discipline.

V. Public Chains (incl. L2)
Arbitrum, Optimism, Polygon and other L2s continued to attract builders and capital. Lower fees + higher throughput sustain user growth vs. L1s; L2 stacks are core Web3 infrastructure and likely to lead the next cycle’s unit-economics improvements.

Summary
Near term: stay defensive; prioritize quality infra & L2.
Medium/long term: watch DeFi business-model upgrades and L2 ecosystem compounding.
Risk: elevated macro and venue-specific headlines.
Strategy: trim leverage, DCA into high-conviction infra/L2, and demand real traction from new ventures.