The way I see the industry now is completely different from five years ago. Why did I say earlier that I don’t recommend newcomers to join anymore? Because five years ago, entering the space was like picking up free money—it was practically blowing in the wind. As long as you dared to hop on the ride, dared to follow along, you’d basically make bank. But now, even if newcomers stock up on $BTC or other mainstream coins, they might not even outperform the traditional stock market. As for buying shitcoins, playing with contracts, PvP, or dabbling in on-chain stuff with high barriers to entry, all while risking deposit/withdrawal and regulatory issues... Might as well just wash up and go to bed. This round of the crypto market has clearly shown structural imbalances. It’s shifted from innovation-driven to greater-fool-driven. The essence of the last two bull markets was the resonance of narratives and technology: 2017: The rise of ICOs and Ethereum. 2021: The explosion of DeFi, NFTs, Layer2, GameFi, the Metaverse, etc. Those were true innovation cycles. But this time, the narrative is broken, and the technology is stagnant. From the inscriptions at the start of last year to the recent x402 hype across the internet, and even the AI+blockchain combo—it’s all just fleeting emotions, with no consensus-level direction forming. Funds have shifted to short-term arbitrage, project teams are spinning their own wheels, everyone’s doing their own thing, but it feels like the OG crypto traders have vanished. Exchanges, desperate to maintain trading volume, are frantically listing low-quality assets, plunging the entire market into an era of noise. Liquidity is just cycling around, innovation is disappearing, prosperity is an illusion, and new growth is a vacuum. Compare this to the U.S. stock market: Under the AI wave, NVIDIA stands as a top-tier representative—with real profits, real demand, and real cash flow. Meanwhile, the crypto market relies on stories, hype, and rotations. One is delivering real-world results, while the other is just hyping itself up in the virtual world. So why would newcomers join? To “donate money”? Veterans are already lucky if they can hold onto what they’ve earned in the past. As for the rest, we’ll figure it out later.