Circle and Coinbase's decline is actually quite noteworthy. The new legislation has restricted stablecoin revenues, and frankly, the crypto industry doesn't have many genuinely viable products to begin with—and now stablecoins are getting heavily cut down.

If this industry can't build and construct something meaningful during this bear market over the next couple of years, there may not be another cycle after this. During bear markets, various costs are low, artificial hype is minimal, and it's actually quite suitable for building. Plus, products are easier to launch and more readily accepted by the mainstream audience.