Simply put, in terms of judging the future market, even if we enter a bear market, it will be different from the previous round. Currently, the stable coin volume in the market is still high, and the lack of vitality in the market is always present. Most of the previous bull markets came from the expectations of ETFs and elections, and the narrative that could support a super bull market in the industry has never appeared. The market has money, and once there is a rebound signal, such as the resurgence of memes, the emergence of new AI narratives, or the revival of DeFi, the market will immediately mobilize again.