From another perspective, it’s not bad—it accelerates the washout process and helps sentiment reach a bottom sooner. Now, when people consider buying crypto, they’re truly asking: Does this have real value? Is the project even profitable yet? If it is profitable, is there a clear mechanism returning value to the token price? What exactly defines a blue-chip coin? Previously, bad projects drove out good ones, flooding the market with valuations that were utterly detached from reality. Many projects didn’t even have a working testnet—just an idea—and still managed to secure massive funding from VCs, then used connections to get listed on major exchanges and pumped money into retail investors. How euphoric it felt back then, how painful it is now. Every bear market is paying off the debt of bull market bubbles. A thorough cleansing of speculation is absolutely beneficial for new, healthy projects to emerge. At least in this cycle, my buy-the-dip list includes $Hype—a project with real fundamentals, revenue, a profit model, and clear expectations. That itself represents progress in the industry. Of course, I still think it’s a bit expensive right now—I’m waiting for the golden opportunity. If the next cycle brings only solid projects to the forefront, the bull market will return—and it will be stronger than ever.