According to Coin Bureau news, Eli Ben-Sasson, the former co-founder of Zcash and the current CEO of StarkWare, posted on the X platform reviewing crypto cycles. He noted that, compared with the previous “crypto winter” triggered by events including Terra’s collapse, Three Arrows Capital, and FTX—filled with fraud and excessive speculation—the current bear market cycle shows distinctly different characteristics. This round of environment is more like a “TradFi Bear Hug.” Against the backdrop of warming regulation and mainstream financial institutions accelerating their entry, the crypto industry was once seen as new financial infrastructure, but at the same time, to some extent, it has squeezed the original spirit of “economic freedom and innovation experimentation.” Although the crypto industry is currently in a stage where short-term innovation momentum is constrained and there is a lack of leadership, in the long run, freedom and innovation will still return and will drive the next round of development.