#DeFi生态发展 I just saw a statement saying that by 2026, we might enter a "crypto winter." At first, I was a bit nervous😅 but as I kept reading, I realized it might not be that scary after all.

The most interesting thing is that this downtrend cycle seems different from previous ones. I heard that bear markets usually involve large-scale liquidations and crashes, but this time, it's said that the market is mainly driven by institutions, making such extreme situations less likely. Do you think that after institutions entered, the overall ecosystem's risk resistance has improved?

There's also a detail that piqued my curiosity — when it comes to DeFi, tokenized assets, and crypto infrastructure, the price performance and on-chain fundamentals seem to be "diverging." What does that mean? Is it that the projects are actually doing well, but their prices are still falling? If that's the case, isn't there an undervalued opportunity?

Additionally, the U.S. passed the "Digital Asset Market Clarity Act," which seems to be good news for us newcomers. With clearer regulations and more legitimate players entering, it feels like the whole ecosystem will become healthier and safer.

In summary, although there might be short-term volatility, the long-term development of crypto infrastructure and compliance pathways is improving. That's a good thing, right? Can someone who understands this tell me if my understanding is correct?