On March 27, Yili Hua, founder of Liquid Capital (formerly LD Capital), stated that the cryptocurrency market is currently in a bear phase and that the war is not over, with no significant rebound in sight. The past four years in the crypto space have been disappointing; the 1011 event harvested mid-tier crypto investors, the demise of altcoins harvested retail investors, and the 1+3 rule harvested crypto VCs. Meanwhile, exchanges, market makers, and project teams have been continuously drawing blood, with the only source of lifeblood being Wall Street's ETFs and DAT, along with a few remaining believers. The anticipated disruptive innovation in crypto has yet to occur, raising questions about whether the next bull market will emerge simply due to the four-year cycle or for other reasons.