This round is wrapping up, and the transition between old and new players in the industry is largely complete. New players are entering, while some old players are exiting. The level of cleansing in this cycle surpasses any previous cycle. If there’s only internal transfer without external growth, the industry has no future. Whether this round of AI and crypto can integrate, or whether stablecoins and asset tokenization can bring new growth, that’s where the hope for the industry lies.