StarkWare CEO: The Nature of Crypto Bear Market Cycles Has Transformed, From "Fraud Winter" to "Traditional Finance Bear Hug"

Odaily Planet Daily reports that former Zcash co-founder and current StarkWare CEO Eli Ben-Sasson posted on X reflecting on the crypto cycle. He pointed out that compared to the previous cycle, which was triggered by events like the Terra collapse, Three Arrows Capital, and FTX, and was filled with fraud and excessive speculation during the “crypto winter,” the current bear market cycle shows very different characteristics. This cycle is more like a “Traditional Financial Bear Hug (TradFi Bear Hug).” With regulatory warming and mainstream financial institutions accelerating their entry, the crypto industry was once seen as new financial infrastructure. However, it has also, to some extent, squeezed the original spirit of “economic freedom and experimental innovation.” Although the current crypto industry is in a phase of limited short-term innovation and leadership loss, in the long run, freedom and innovation will return and drive the next wave of development.