The crypto world has bull and bear cycles, and often during bear markets, new narratives and play styles emerge. In previous bear markets, many things were born, such as NFTs, inscriptions, and some phenomenal projects. But this time, I am not so optimistic. Now, apart from Bitcoin, most other narratives are becoming increasingly difficult to sustain. Many veteran players who have experienced one or two cycles are actually finding it simpler—holding Bitcoin and doing less. In 2026, the state of people in the crypto world is varied; some are panicking, some are confused, and some have even left. But at the same time, there is a noticeable change happening in this industry— crypto is increasingly merging with traditional finance. Whether it's stablecoins, asset tokenization, or various on-chain financial infrastructures, they are essentially moving towards the direction of a "fully integrated financial market." So the next one or two years are actually a critical phase. For many who are still in this race, this could be a time to reselect their direction. Should they continue to focus solely on crypto narratives? Or should they embrace the larger financial market? This decision could impact many years to come.