I really can't understand why some people are bearish on their own industry.

Cryptocurrencies are high-beta liquidity assets and serve as a global liquidity barometer and a weather vane.
Complex geopolitical turbulence,
U.S.-China financial confrontation,
Speculation about a recession in the U.S. economy,
The four-year halving cycle,
The liquidity vacuum on 10.11,
These complex factors have the most direct impact of causing liquidity to decline.
Liquidity downturns naturally mean cryptocurrencies won't be strong.
It's said that after 10.11, the crypto market and the US stock market have completely decoupled.
But most of the growth in the S&P 500 and NASDAQ is driven by tech AI stocks.
The underlying logic here is AI-driven growth, not liquidity-driven growth.
The explosion of tech stocks is not a result of a flood of liquidity caused by a loose monetary cycle.
It's important to note that the current Federal Reserve policy is just "stopping balance sheet reduction," not "cutting interest rates and shrinking."
Why do many industry leaders, including the recently liquidated Yi Lihua, remain optimistic about the future?
They have top-tier research teams and excellent resource backgrounds.
I believe there is some basis for this.
The market has never truly entered a typical large-scale money-printing cycle.
Global liquidity also follows a cyclical pattern.
What is happening in the market today has happened many times in history.
Their cyclical predictions are fundamentally sound.
I also believe that one day it will happen because I respect the objective laws of history.
No matter how turbulent the short term, the long cycle will inevitably run its course.
The financial system created by humans is highly resilient.
History has seen many black swan events, but ultimately, the full cycle has completed.
Moreover, the crypto space cannot be disconnected from mainstream finance.
Most macroeconomic favorable factors this round are driven by mainstream financial institutions.
In the context of such significant changes in the underlying capital structure,
Will the crypto industry eventually become completely niche and no longer follow mainstream finance?
I don't know how this conclusion was reached.
I once read a book called "Thinking, Fast and Slow."
It presents a well-known framework:
System 1 and System 2.
System 1: Fast, intuitive, emotional.
System 2: Slow, rational, requires calculation.
Most of the market's public opinion is dominated by "System 1."
When liquidity overflows, various narratives emerge one after another.
When liquidity withdraws, pessimism spreads.
This is understandable.
Chasing gains and selling on dips is human nature.
Market sentiment will inevitably follow this pattern.
Every trend will have its "great scholars" debating.
As a long-term bull, all I can do is maintain structural optimism.
Learn to be bullish on your own industry.
If you think this is a dead water, the best solution is to close your account and stay away from this circle.
In my view, the crypto ecosystem boils down to two types:
One is infrastructure builders, including but not limited to payments, zk, exchanges, aggregators.
These projects often endure through bull and bear markets and exist long-term.
The other is speculative projects—storytelling, riding hot topics, raising funds, attracting new users with profit expectations.
The mainstream has always been speculative zero-sum games, while infrastructure is a slow, long-term process.
Most of the wealth effects you see come from speculative narratives—metaverse, NFTs, meme coins, GameFi, inscriptions.
Do these create real demand? Not really.
They mainly satisfy speculative needs.
This kind of speculation has evolved from early P2P to today, and has never truly disappeared—it's just changed carriers repeatedly.
Mainstream compliance is targeted at the upper-layer infrastructure ecosystem.
I don't see this as a bad thing.
Only when it becomes compliant, with more funds flowing in, and truly resonating with the mainstream, will there be a chance to benefit from the upcoming cycle.
The prosperity of on-chain speculative ecosystems depends solely on liquidity.
They are also unregulated because the world is not black and white.
Even with such strict regulation, speculative demand that even the big East can't fully block still exists.
Can Western regulators really stop it?
Learn to focus on your own career.
A person without conviction cannot stand firm.