Teacher Haotian @tmel0211's article is a spot-on summary of the current crypto market. I think the healthy development of the crypto market depends on: 1. Short-term liquidity operations by CEXs 2. Long-term innovation by builders 3. Mass adoption driven by supportive crypto policies from governments worldwide The current structural bull market in crypto is caused by 1 and 3, while 2 is facing challenges. Only when 1, 2, and 3 all come together will we see a comprehensive bull market.