After this year's New Year's dinner exchange, the biggest feeling is that many people are truly starting to gradually withdraw from the crypto circle, not just in terms of funds but also in terms of energy and focus: 1. There has been no meaningful narrative innovation on the chain for half a year. The last highlight was the ICM of Sol, of course, with Sol starting to organize around the HIM core, but there is obviously no innovation. Now it seems we can only hope that the uncreative Penguin will be brought in to raise 1 billion to rescue the trenches. The same goes for BNB Chain; no creative ideas have come out of Vibecoding. Overall, players who once were willing to take over 10 million on-chain have almost left the scene. Those like me, willing to take over 2-5 million, have also chosen to stop after multiple setbacks, even writing "watch more, act less" on my desktop. Now I can only wait for two points: either liquidity returns significantly so everyone can P-win, or wait for new things to emerge. But never leave the trenches, because a new outbreak could happen in an instant; 2. It’s crucial to focus on mouth marketing, especially for industry newcomers without accumulated experience. Mouth marketing is the best approach. Additionally, from a cost-performance perspective, finding a suitable way to mouth market that fans won’t dislike is an essential lesson for every blogger. I dislike Kaito because he makes content AI-driven, but AI-driven mouth marketing has been killed by Musk. So authentic mouth marketing is a new track, and I want to play too—starting with a mouth marketing chain; 3. The stock market has become a more certain investment channel. Whether it’s US stocks or Hong Kong stocks, the hotspots and hot money far surpass the crypto circle. In theory, those who can play the crypto market well will find it easier to make money in the stock market. I’ve also started shifting some of my energy from the crypto world to traditional finance; 4. The Web2–Web3 integration field still offers huge opportunities. Continuous entry of traditional financial giants is key to supporting Bitcoin’s price. BTC is not digital gold; BTC is an industry index for the crypto world. In theory, BTC = replacement for traditional financial markets + on-chain innovation + global financial scams; Summary: It’s very difficult now. You can do other things, but don’t leave. Once you leave this industry, you can’t come back.