If we had to choose the most representative term for this cryptocurrency cycle, it would definitely be PVP.

This term describes the essence of zero-sum games in the cryptocurrency world to the extreme. External funds either do not come in or only buy Bitcoin. Existing funds are competing against each other.

Exchanges, project parties, VCs, KOLs, and retail investors—everyone's profits come at the expense of another person's losses, all betting on who will take over.

The most representative terms from the previous cycle and the cycle before that should be DeFi and ICO.

In the PVP jungle, some people drive tanks (exchanges), some wield machine guns (VCs), some have built bunkers (project parties), some hold sniper rifles + throwing knives (KOLs), and some carry wooden sticks (retail investors). The result is that retail investors can only hide away, turning into a chaotic melee of various other weapons, haha.