On June 20, Zhao Changpeng stated in an interview with Galaxy Research Director Alex Thorn on the Galaxy Brains podcast that the current pullback in the crypto market is still within the normal four-year cycle range. A pullback of about 50% is not uncommon, as historical cycles have seen pullbacks of up to 80%. He noted that when measured from the cycle's low point, Bitcoin's price has increased about five times compared to four years ago, and each cycle's low point has been higher than the previous one. He emphasized his commitment to long-termism, stating, "There is no exit for me in crypto." Zhao also pointed out that the key difference between this cycle and those in 2018 and 2022 is the significant shift in the U.S. government's attitude towards the crypto industry. Previously, the U.S. adopted a suppressive stance, but now it is actively promoting the construction of a crypto regulatory framework, encouraging other countries to follow suit. Additionally, the involvement of ETFs, stablecoins, RWA, and more institutional funds indicates a significant improvement in the industry's fundamentals compared to the past.