· At this stage, it is not appropriate to blindly chase behaviors and projects that are "off the beaten path." This means that investors need to be extremely vigilant and avoid those that seem to be "opportunities" but are actually "traps." The overall market environment no longer supports such reckless growth, and any speculative behavior is unlikely to last long.

The cryptocurrency market is currently at a critical period of "returning to the right path." It has enormous development potential, but future prosperity must be built on honesty, integrity, and substantive innovation. Any speculative tokens that deviate from the right path, hype concepts, pump-and-dump schemes, and fraudulent activities will be zeroed out and thoroughly liquidated during this cycle, and investors should stay away from these areas.

High-dimensional thinking on whether the four-year cycle has been broken:
· In April 2024, Bitcoin completed its fourth halving. However, unlike previous halvings, the market did not immediately show the same violent surge and even showed signs of weakness at one point. This has led many to question: "Has the four-year cycle theory been broken?"
· What matters is not whether the cycle itself is "broken", but whether you are still "attached" to its necessity of happening.
· We can analyze the supply and demand changes brought about by the halving, but we shouldn't be fixated on the belief that it must, immediately, and necessarily manifest in a specific form (such as a skyrocketing price). The factors influencing the market are extremely complex, in addition to the halving, there are global macroeconomic factors (interest rates, liquidity), regulatory policies, the industry's own development, and emerging narratives (such as RWA, AI), etc. This time's "price surge" could very well be different from the last one.
· Only by breaking the delusion of fixed results based on cycles can you move forward in the market with a clearer and more composed mindset, seizing real opportunities instead of being bound by a historical model.

Do not be obsessed with the belief that "the price will definitely surge as expected after the halving." The impact of the halving mechanism still exists, but the way it takes effect and its manifestation may change due to the context of the times. Let go of the obsession with the simple replication of historical cycles, and instead focus on more fundamental changes in supply and demand, technological development, and value creation, so that you can act wisely in the current complex market.

The cycle may not have "broken", but it is "evolving and transforming". And the way we understand the cycle also needs to evolve and transform.