Svmuu News, Eli Ben-Sasson, former Zcash co-founder and current CEO of StarkWare, posted on the X platform reflecting on crypto cycles. He pointed out that compared to the previous "crypto winter" triggered by events like the Terra collapse, Three Arrows Capital, and FTX, which was filled with fraud and excessive speculation, the current bear market cycle exhibits distinctly different characteristics. This round's environment is more like a "TradFi Bear Hug." Against the backdrop of warming regulation and accelerated entry of mainstream financial institutions, the crypto industry is once again being viewed as new financial infrastructure, but this has also, to some extent, squeezed the native spirit of "economic freedom and innovative experimentation." Although the crypto industry is currently in a phase of limited short-term innovation momentum and a lack of leadership, in the long run, freedom and innovation will return and drive the next wave of development.