What crypto directions might transcend cycles and still exist in the next bull market? Kyle mentioned on-chain privacy represented by Zama and FHE. Here’s what I can think of: 1️⃣ New asset issuance methods Similar to ICOs, dual pools, triple pools, inscriptions, Solana pump memes. In a new cycle, there will be new ways to issue junk assets. As long as crypto exists, the casino will always have new ways to hype things up. Opportunities belong to the next cycle’s ICO participants / DeFi farmers / inscription players / Solana meme enthusiasts. 2️⃣ AI + crypto I’m still optimistic about X402 + ERC8004. I’ve mentioned this many times—it’s a direction that might not just be “narrative” but genuinely valuable. Opportunities belong to those with long-term strategic patience, who focus on products and applications with diamond hands/fossil hands. The premise is that the fundamentals must hold up—it can’t just be “narrative”; there needs to be real data and widespread application adoption. 3️⃣ Privacy Kyle, before leaving, believed this was the only direction that hasn’t been disproven yet. I agree with this—it’s one of the few areas in crypto that might solve problems more thoroughly and effectively than Web2. 4️⃣ Financial integration RWA (real-world assets) and stablecoins, tokenized stocks—these might bring new asset forms. If applied to payment systems in third-world countries, it might not have much to do with on-chain/secondary market players. For retail investors, the relevant direction might be some combination of this and the first point about asset issuance. During a bear market, when prices drop significantly, it’s normal to feel bearish about the entire industry. I’m also feeling down, but I’m not surprised by the price performance. However, be careful not to get into the habit of shorting just because you see others making money from it. In a bear market, it’s hard to make much money from the volatility. But when the market turns bullish in a few months, or half a year, or a year, it’s easy to make big mistakes.