The current state of the cryptocurrency market is like a company that used to have a core business and annual growth of over 30%. Now, that core business revenue has disappeared. Bitcoin, a major player in the BAT (Baidu, Alibaba, Tencent) sector, may no longer be able to provide that kind of revenue growth. The company hasn't found a second growth curve yet. Quantitative trading, arbitrage, and trend-following strategies previously focused on Bitcoin are no longer effective. The cryptocurrency market, once a goldmine, is no longer appealing.