This bear market, I believe, will be more brutal and thorough than any previous one.

It's not just a simple rise and fall, but likely a true major clearing.

The first to be washed out are a bunch of worthless projects.

Many copycat projects will gradually lose liquidity, trading volume will decrease, and eventually they will die completely and be forgotten.
Another group of projects will finally face reality, no longer stubbornly hold on, no longer pretend to develop, no longer make empty promises, and will calmly declare failure.
The bear market will expose all the虚假的、假的、撑不下去的，全部暴露出来。

Then, it's a cleansing of people.

Those who lack faith or don't have enough faith, or are just here to try their luck, will leave completely.
Among them will be old OGs and newcomers just entering the scene.
A large number of people who only want to make quick money, can't endure, and can't wait, leaving is just a matter of time.
Every round of bear market is a process of filtering people, filtering out impatience, and keeping those who truly believe and can endure.

I believe there is another layer — a cleansing of values.

The twisted logic of "as long as I make money, it's right," "results-only," "bootlicking," etc., will gradually be abandoned.
More and more people will dare to speak the truth and start reflecting on what this circle should really encourage.
Positive, valuable, and principled voices and opinion leaders will become more influential and recognized during this cold winter.

Bear markets are tough, but they are also fair. They wash away bubbles, speculation, and impatience, and what remains is the true future of this industry.