There are more instances of encrypted terrorism in this cycle than in previous cycles. The first one is the doomsday theory of individual investors, Twitter and Weibo have been discussing the same rhetoric for a long time, For example, this is the last bull market, the super cycle has passed, institutions have entered the market, and retail investors have no more opportunities. It is widely publicized that the volatility dividend of cryptocurrencies is about to disappear. If retail investors do not earn enough money for a lifetime in this cycle, In the future, it will never be possible to become rich overnight, resulting in countless retail investors being trapped in memes and altcoins. The second one is the theory of cognitive monetization anxiety, Encryption generates many projects every day (DeFi, NFT, RWA, DePIN, AI Meme, etc.), and this argument has been intimidating retail investors. If you don't keep up with Twitter 24 hours a day, don't read hundreds of pages of English white papers, and don't keep up with the latest hot topics, you are a liquidity and takeover hero. As a result, retail investors anxiously stare at Twitter and communities every day, chasing hot topics and being trapped in almost every narrative. The third one is the scarcity theory of Bitcoin, This theory is at its most mature and has even reached a consensus. If you don't have Bitcoin, your fiat assets will go to zero due to inflation, you will miss the last opportunity for wealth transfer in human history, you will lose the chance to hold a BTC, and your descendants will always be at the bottom of society. The best gift for children is a BTC, and so on. The fourth one is PvP complementary takeover, It can also be said that the dark forest rule of encryption used to exist, but now this narrative has mainly shifted to Meme coins and Tugou projects. There is no value investment, and everyone is just fooling around. You must become the most ruthless person in the crypto circle, not only cutting off the market makers but also your friends and the people around you, causing everyone to be in a state of battle, radical and short-sighted, and then lose completely in both reality and the crypto field.