Take a closer look, and you'll notice that the Crypto world is always pulled by multiple opposing forces. Beyond the zero-sum game between bulls and bears in the secondary market, the tug-of-war in the primary market is even more intense: One group is pushing hard for decentralization, while another is scheming to cater to centralization. One group piles up technical concepts to give projects value and meaning, while another is hyping up launchpads, making token issuance feel hollow. One group is deeply invested in building the tech ecosystem and holding on with hopes for long-termism, while another is just chasing meme coins for quick, short-term riches... Right now, this sense of division—or rather, polarization—is growing more and more intense. So much so that the OGs who’ve been navigating the crypto space based on experience feel like "everything has changed," those with faith in technology feel like "time is not on their side," while those focused purely on product and operational strategies to make money are "riding high." So, there’s no need to argue whether it’s a bull or bear market. The answer is clear: it’s a bull market for some, and a bear market for others.