Nowadays, crypto exchanges are continuously launching perpetual contracts for traditional assets, which is squeezing out liquidity from the crypto space—this is a trend. In this cycle, the overall liquidity in the crypto space has been drained significantly by various events. Previously, a lot of money was still in the crypto space, and there was growth, but now the outflow is much more noticeable, and there’s no clear inflow. This is one of the reasons I’ve mentioned that our industry is reaching a turning point. Plus, in this cycle, there hasn’t been any hot topic that has sparked a wave of capital hype.