Back in the day, during long holidays like Chinese New Year and National Day, market trading volume and activity would significantly decline. Starting around Christmas 2022, the influence of Western holidays clearly surpassed that of Chinese holidays, and the trading habits of Chinese users have had an increasingly smaller impact on mainstream crypto markets. As the market became fully dominated by whitepaper-driven projects and capital, weekends also turned into dead zones for trading—crypto has been under whitepaper dominance for three years now. Although exchange platforms are still primarily led by exchanges founded by Chinese entrepreneurs, it must be acknowledged that Chinese users now have virtually no meaningful influence on the crypto market.