I have organized the position situation for 2024-2025, and what impressed me deeply is Many small and beautiful projects were invested in this cycle, but most of them did not come to fruition. The era of reckless heroes is completely over, unless there is an industry earthquake or tsunami. 2. The main profit is still provided by DeFi. Although there is currently a significant pullback, selling a portion at the high point can be considered as barely outperforming the market. The path is dependent and we have missed out on many opportunities. 3. If DAT sells coins, it is the dumbest choice. 4. At least for now, MSTR's debt structure is considered healthy, and there is no need for Bitmine and Sharpnink to sell coins. However, Sharpnink seems to be making a move to transfer coins, so it can only be said that whoever sells is foolish. The situation with LUNA is completely different, as some people often use them to contact them, which is an excessive panic. 5. There has been a significant change in the consensus among users regarding the industry during this cycle, and it seems that Crypto is only left with gambling and opening. Although this is in line with the current situation, this argument is distorted in the long run. So this so-called bull market has no faith at all, the profitable drivers cannot be retained, and the losing retail investors sadly leave. 6. There is no valuation system, which is becoming increasingly evident and abnormal. Valuation is mostly based on brainstorming, and most king level projects can be left empty. From this perspective, memes are easier to value than legitimate projects. 7. The funds are clearly being sucked away by the US stock market. As the old saying goes, Crypto is not cool anymore, and the stories on that side are all imaginative and more beautiful bubbles. 8. In the long run, it is still uncertain whether BTC ETH will be favored in the next 10 years. Core values and scarcity such as decentralization, permissionless, trustless, and programmable finance will return, and it will definitely not be just a cyber casino, but a Lego foundation for the new world.