I suspect the next bull market might leave a large number of seasoned investors questioning their very existence. In the past, when we lost money during bear markets, we could console each other, since the entire market was falling. Things might be different in the future. BTC rises, but your altcoins don't. ETH rises, but your altcoins continue to fall. You finally wait for sector rotation, but by the time it's your turn to hold, the funds have already moved on to the next hype. The most frustrating thing isn't the bear market itself, but that everyone else is making money while you're holding a bunch of so-called value coins, watching the bull market slip through your fingers. I'm not pessimistic about the future of crypto; in fact, I believe the industry still has significant room for growth. But one thing must be acknowledged: The industry's growth is no longer the same as whether retail investors like us can make money. Before, there were fewer projects and more capital; you could easily buy an altcoin and see it rise. Now, projects are launching one after another, and older coins are constantly being unlocked. If new funds don't keep up, where will all the trapped capital come from? So now I'm less concerned about when the bull market will arrive. What I'm more concerned about is, when the next bull market comes, who will the market make money from, and who will foot the bill? In the past, we always thought that surviving the bear market would lead to a bull market. Now I increasingly suspect that some people who survive the bear market might end up dying in the bull market.