In fact, there is no need to be too pessimistic about the current market, just accept a reality: the era of widespread liquidity in the past is difficult to replicate in the short term. The previous counterfeit season in the cryptocurrency industry was essentially inseparable from the epic expansion of the Federal Reserve's balance sheet and the global zero interest rate environment. Massive liquidity poured into risky assets, and only then did a crazy market emerge where even a single coin could rise. It is difficult to replicate such a macro environment within a few years, so continuing to rely on the experience of the previous bull market and waiting for the knockoff season is a wrong mindset. But this does not mean that there are no opportunities in the market, opportunities are only increasingly concentrated in a few companies and projects that truly create value. A large number of projects in Crypto that have no income, no users, and no survival ability will gradually be eliminated, and funds will eventually become more concentrated in a few assets that truly have consensus, cash flow, and application scenarios. BTC represents global digital scarcity and consensus, while ETH remains one of the most important infrastructures for on chain finance and applications. There is no need to guess the absolute bottom for such assets, and controlling positions and allocating them in batches is more reasonable. The same logic applies to the US stock market. After the liquidity recedes, valuation can be killed, but companies that can truly create income, profits, and free cash flow will not lose value just because of one cycle. Especially as AI enters more and more real industries such as computing power, storage, networking, software, robotics, and healthcare, the biggest investment opportunity in the next few years is likely to be hidden in this productivity revolution. The investment mindset needs to change and seek assets that truly create value. Embrace the consensus of BTC, embrace truly valuable blockchain infrastructure, embrace enterprises that can sustainably generate cash flow, and most importantly, embrace the AI revolution.