This bear market feels so different from the previous ones. Spot trading volume has plummeted year-over-year, and weekend contract trading volume is even more sluggish. Exchanges are shutting down one after another. On one hand, it shows the lack of active users and liquidity to sustain the market. On the other hand, it frees up some active users, and the exchanges that can capture these users will somewhat increase their liquidity. Every deep bear market is laying the groundwork for the next bull run. The cycle has never disappeared; it’s just taken on a new form. The bottom window might be around the end of 2026, with the next halving in early 2028. The market is evolving and being reborn. What form will the narrative of the next cycle take? When that time comes, will you still be here?