From a long-term trend perspective, the current 4-year cycle is coming to an end and will enter the next cycle. There are many opinions that suggest there is no longer a 4-year cycle in this round. I don't completely agree or completely disagree. My personal feeling is that there is no longer the same big bear market as before, or the phenomenon of bull and bear markets being very clear as before. 1) BTC will not experience such a significant correction as in previous bear markets, and will not fall from 69000 to 15000 like in 2022. But there may be a long period of time and significant adjustments in between. 2) The market will also have obvious manifestations, including There is a significant concentration of capital withdrawal in the market, which is the behavior of those who believe in the top of the bull market and those who have already earned enough funds. The industry has experienced a significant downturn, especially with a large number of projects appearing in this cycle, many of which will go to zero and only a few will survive. (And this process has already occurred) A major purge at the financial level, such as the liquidation of 1011. And I always feel that there are still black swans that haven't exploded yet. So, in the next three years, the overall trend is likely to be 1 BTC is a slow bull BTC as a whole is experiencing a volatile upward trend. 1) Entry funds mainly from American institutions 2) The strategic push of Trump's encryption center 3) The Federal Reserve is in a cycle of interest rate cuts. But as mentioned earlier, there may be significant adjustments that take a long time in the middle. Two industries will be washed away, and a large number of imitations will be eliminated Every round will experience a major reshuffle of the project, and this round is no exception. But it's different, the last round of zeroing was a project that you could tell was garbage at first glance. However, a large number of seemingly serious projects will also be eliminated in this round. This round, a large number of high market value projects are listed. It seems to have a team, products, operations, and a narrative that looks good. However, their narrative is just packaged, and their product may not be needed by the market. Their current market value has been artificially inflated for the sake of shipping. And their original intention was to acquire one wave in 25 years. Another difference is that in the previous round of projects, they only started to decline when BTC began to decline. In this round, after the project team completed the shipment and made money, they had already started to decline. Some started to decline a year ago. Similarly, when BTC starts to rise after adjustment, they are unlikely to rise again. The entire industry will be confused and there will be a 1-2 year decline 22-25 years is already a period of infrastructure improvement and large-scale application. For example, eth's layer 2 expansion has already been completed, Solana's high performance has been maintained for several years, and BTC's layer 2 has emerged in large numbers. Modularity and account abstraction have long been perfected. So looking back, when we summarize, we will find that infrastructure has long been perfected, but large-scale applications have not occurred. At least Defi was left in the previous cycle, but this one is nothing. Apart from losing money, nothing was left behind. And I feel very hopeful about AI, RWA, stablecoins, etc., but I haven't seen any growth. When we see the beautiful stories of the past gradually disappearing, we will doubt in our hearts where the future lies. However, although the industry will enter a period of decline, there will also be huge opportunities. In this round, there are too many funds, people, and projects, and the crowd is surging. They say they believe in web3, but in reality, they are just trying to get rich. And when the tide recedes, those truly good projects will emerge.