Once the circle starts having all kinds of messed-up stuff—this one gets hacked, that one is too centralized—it’s often the beginning of a deep bear market. The logic might be that liquidity and hype gradually fade away, similar to urban management: once a city can’t attract capital and talent, its vitality drops, and security issues start popping up everywhere. The circle can barely maintain even the surface-level prosperity now. It’s done for.