The flow of funds in the market is different from before. Many coins are destined to be eliminated by history. In the future, there may only be Bitcoin and others. If you still fantasize about a 2021-style bull market where all coins soar together, that's too naive. Just look at the last wave of AI agents; many projects on GitHub with hundreds of stars ended up being eliminated, indicating that current funds are much smarter. If you don't have a truly usable product, real core competitiveness, or enough genuine users, no matter how much you brag, you won't win the market. Without discussing monetary policy, just judging by the current market situation, in 2021, a large number of new and inexperienced investors rushed in, driven by FOMO and social media hype, but now retail investors are more cautious. Many have experienced sharp declines and have been scared off, leading to a decrease in 'faith-based investors.' Moreover, at that time, the variety of cryptocurrencies was relatively small, and funds were more concentrated. Most projects were high-quality and genuinely thinking about the development of this industry.