Review the first two bull markets. The so-called closed eye money making market stage is driven by a huge group of external buyers who continue to inject blood, Combined with the tacit collusion of the group at the top, it is easy to attract a large amount of external funds to pay for the story. The VC forgery boom of 2022-2024 is a three-year legal data falsification phase (airdrop era). You can also say that this is the most irrational market in the history of encryption that makes it easier for ordinary people to cross social classes. For the entire period of two to three years, retail investors did not need to buy a large amount of coins or engage in high-intensity trading. They only needed to click the mouse to interact and rely on frequent data brushing to obtain considerable rewards. Due to the lack of real Web3 application scenarios, the project team had to falsify a large amount of daily active users and on chain transaction volume data to investors in order to issue coins at a high valuation of billions of dollars. When the project issues coins, the project team airdrops the tokens to these novice users as compensation, and then sells them together with the project team to secondary market users to take over. The Ponzi perpetual motion machine of 2020-2021 is a systematic Ponzi scheme (DeFi and GameFi Summer) under the cover of macro scale water release. In 2020, there were national level printing machines behind the cryptocurrency market to sustain it. At that time, the Federal Reserve's zero interest rate policy gave rise to a large number of leveraged products, but the ones that eventually developed into scale were Defi and Gamefi, The zero interest rate policy meant that the cost of obtaining cash was basically zero at that time, which led Crypto World to invent an ultimate doll model: retail investors can mortgage A currency to lend B currency, and then deposit B currency to earn C currency. All currencies are supporting each other's valuation based on each other's expectations, which is the foundation of the Defi foam. In the Luna/USDT pool at that time, users could earn up to 20% risk-free annualized returns by depositing cash, which is now unimaginable. The liquidity foam of the US Treasury's over issuance of money overflowed into the marginal market, which was adapted into the blockchain revolution by the crypto KOL and its leaders. When the Federal Reserve later began to raise interest rates crazily, the X2E market, which has lasted for nearly two years, disappeared in a few months. Now this stage has become the so-called financial nihilism, the legendary Meme coin super cycle. These groups that were once liquidity providers are beginning to awaken, and in fact, it's not just cryptocurrency. Retail investors within the entire global market are depriving traditional classical VC institutions of liquidity. VC firms are far more pessimistic about the market than individual investors, which is why they are crazily betting on AI as a lifesaver, extracting as much liquidity as possible for investment to generate income. But whether it's the airdrop market or the Ponzi market, there is actually a huge blood transfusion machine running behind it. If the blood transfusion machine announces a supply cut, a bear market will come to the cryptocurrency market in an instant, as evidenced by the 22 year interest rate hike and the 24 year no buy deal.