For the first time in 8 years in the industry, I feel pessimistic. From a global perspective, AI has siphoned off most of the hot money and attention, retail investors' assets have already hit a bottleneck, the meme zero-sum game has lost its appeal, there's no new narrative to attract eyes both inside and outside the market, the only valuable narrative left is that traditional institutions/big investors want to convert offshore funds into stablecoins/BTC. In the secondary market: wealth management might be one increment, payments another. In the primary market: we have to wait for more native things under AI large models to attract Crypto funds. Then various Crypto small groups will follow up with their creations. Anyway, the story has come to this point, and the only remaining actual value is improving financial efficiency. This morning, a former colleague told me: if it really doesn't work out, I might retire... Talking about this in my 30s still feels a bit strange. This emerging industry that once fueled us with excitement for over a decade seems to be gradually silencing and settling down. Some people are content with small wealth and might be able to exit, while those who are dissatisfied but haven't achieved the expected results are still in the game. A small number of people have seen their wealth explode, but still only possess numbers, not systems. Only a very few who have both systems and wealth have embraced American capital and power. The narrative of Chinese power in this industry is gradually declining. So if we are still in this industry, we may need to think more calmly and quietly dig in.