Reviewing the two cycles from a narrative perspective, what are the differences between the two bull markets? In 2020 and 2021, everyone thought Crypto = the Internet. Every industry should redo itself with Crypto. Crypto is a new production relationship. The giants forced the industry to continue with the metaverse. There are simply too few targets in the metaverse. The huge liquidity needs to find targets, so hot money can only flow into air coins. In 2024 and 2025, Crypto = Fintech 2.0. So a bunch of gamefi, sociafi, and various ZK FHE, etc., are struggling to launch, including various AI companies that are riding the concept wave. So the biggest winner of this cycle is Hyperliquid. Fintech 2.0 is also fine; each cycle has its own way of playing. The last version was the Silicon Valley game, this version is the New York game. (We won't count P's meme game for now.) A bunch of perp dex, aggregators, RWA, on-chain US stocks, etc., are gradually emerging. I can basically assert here that the last cycle's buyers were meta and others. The new cycle's buyers are HFT, traditional market makers, and traditional exchanges. But the new cycle can't be called a buyout; it has already become a symbiotic relationship. Robinhood can also buy BTC, Binance can also buy US stocks, and Hyperliquid's HIP-6 has been released. Welcome to Wall Street.