Recently, many people are asking: “Is the bull market still here? Has this four-year cycle failed?” Every time I see such questions, I want to remind everyone to lift their heads and not just focus on the calendar days on the K-line chart. The so-called “Bitcoin super cycle” may be breaking down. Why? Because our previous cycles were driven by the single event of Bitcoin halving, but now, the largest economy in the world— the United States—is influencing this market with policies and legislation. Why is 2026 relatively optimistic? It’s not because of any technical indicators, but because the macro environment has changed. In the past few months, we have seen more countries shift from “rejecting cryptocurrency” to “discussing how to regulate cryptocurrency,” which is a significant progress. For builders, please ignore short-term price fluctuations. If you are worried about the price rise and fall every day, you will not be able to create good applications. Prices are determined by market sentiment, which is always fluctuating. But for long-term builders, 2026 is not an endpoint but a brand new structural starting point. Don’t expect an explosive growth like before; this cycle will be slower, longer, but also steadier. Let go of your anxiety; this industry has only been around for more than a decade, and the best is yet to come.