Recently, while monitoring the data on the BREV contract competition weekly leaderboard, I realized that the market's enthusiasm is really cooling down.

This round of the competition had just over 20,000 participants. Based on previous growth rates, the final scale of participation would likely reach around 40,000. But if we look back at historical records, similar competitions in the past easily attracted over 60,000 participants, with peak numbers approaching 70,000. Now, this number has been cut in half or more, which is not just a slight fluctuation but a clear decline in engagement.

Many people's first reaction is "I'm tired," but the logic behind this is much more complex than the surface phenomenon.

**Retail investors are "voting with their feet"** — this is the most straightforward signal. What is the truth behind many past competitions? A few people profit, while the majority are just along for the ride. Many friends leverage up and endure market volatility to boost their rankings, only to end up losing their principal or receiving a consolation prize. The January 8 market surge was even more typical: mainstream crypto assets collectively plunged, with 127,700 liquidations in 24 hours across the entire network. This "bloody lesson" is sobering — rather than being cannon fodder in competitions, it's better to focus on trading and earning real profits.

**Market sentiment is indeed cooling down** — this can be seen from the change in participation numbers. The decline in competition enthusiasm reflects a shift in retail investors' attitude towards high-risk racing modes. The market has experienced cyclical fluctuations, and people are starting to evaluate risk and reward more rationally.