This round feels more like the bear market that started in 2018:

1. The beginning of the major economic downturn in 2018, with the trigger being the collapse of the US stock market;
2. The peak in 2018 was marked by a large number of ICOs from so-called top-tier projects outside the circle in 2017, and this time it was Trump's $trump last year;
3. Many iconic players exited after being淘完, similar to 2018 when domestic institutions and lead investors participated in ICOs; this round involves North American institutions and some leading trading players;
4. It's clearly the start of a market cycle, with people moving from Beijing and Shanghai to Shenzhen in 2018, and now embracing Hangzhou and Kuala Lumpur;
Once again, a big opportunity for survivors to dominate. Two bull-bear cycles lead to wealth freedom, three cycles make industry leaders, and four cycles could go down in history. I will stay with everyone through the tough times, further developing social connections, and making friends with active players, institutions, and exchanges.