Using Shufen's tweet to discuss personal opinions, 1) Regarding the trend of the pancake market, which started in late May and has been on the rise since mid April, it is approaching its end. Now it has taken a step further and may have been particularly affected by the impact of the Israel Iran conflict in the near future. (https://((x.com))/qinba Frank/status/1934086639485379013?)? After desensitization (s=46&t=k6rimWs Ebo2D2TXolYcM-A), caution should be exercised in the event of further decline or several instances of no increase in positive news. 2) I personally believe that the cyclical effects of the past in Da Bing will weaken, as the driving logic has undergone a complete change (from halving over four years to macro driving). So at the beginning of the year, a viewpoint was mentioned: https://((x.com))/qinbufark/status/1895065920277741628? S=46&t=k6rimWSEbo2D2TXolYcM-A: For a large market, it is not necessary to define the market as "bull" or "bear", but rather a large-scale trend market (upward or downward), which may be a more objective perspective for observing the current market. Setting aside the cyclical perspective, it may be better from the perspective of a cyclical trend market (wave after wave). 3) Regarding the views on shanzhai, last year I wrote a tweet about the understanding and iteration of Shanshanzhai Coin at https://((x.com))/qinbafrank/status/1816383628235989447? S=46&t=k6rimWSEbo2D2TXolYcM-A: The current issue with small coins is a liquidation of the VC primary market's rapid progress in the past few years; It is a manifestation of the majority of narrative falsification; It is also the core team of the encryption project with low cost of wrongdoing and low backlash; It is also a manifestation of the overall maturity and effectiveness of the market. The future should no longer be a season of comprehensive imitation, but a season of local hotspots (a few targets with high consensus and good liquidity). What should emerge more is the 'foundational season', where projects that truly have innovation, value implementation, and continuous improvement in fundamentals will receive the most attention and funding support.