Here's an interesting data point~

SharpLink Gaming released a report stating that due to the decline in Ethereum prices, the company's net loss in 2025 will reach $734.6 million. But at the same time, quarterly staking income has increased by nearly 50%, reaching $15.3 million.
This is a typical crypto market logic: the business is making money, but the price is losing money~
Many people only focus on on-chain revenue but overlook the cyclical fluctuations of asset prices. Wave theory explains it clearly: during large-scale corrections, the destructive power of price movements often exceeds improvements in cash flow. Staking rewards are growing, but if the underlying assets are in a correction wave, the on-paper performance will still look very poor.
So, there is a very real rule in the crypto market~
In a bull market, even air can make money;
In a bear market, even good business can look like a money-losing venture~
The cycle remains unchanged; the story is just told in a different version~