These past two years, I saw a joke in the trading community of a certain leading exchange that really hit many people's pain points—"In the past, going all-in once could turn a bicycle into a motorcycle; now, going all-in once turns a motorcycle into a shared bike." While it's funny, it reflects a huge disparity in market sentiment. From the previous "blind optimism" to now "extreme pessimism," many people have indeed taken a fall during this adjustment.

But I want to say that, as an observer who has experienced three bull and bear cycles, this "pessimistic phase" is actually the best window for strategic positioning. The story of cryptocurrency is far from over; there will be three key reversals ahead. Understanding these changes will not only help you avoid pitfalls but also enable you to profit nicely in the next cycle.

**First Reversal: From "Concept Hype" to "Application Implementation"**

Remember a few years ago? As long as a Web3 project shouted out buzzwords like "Metaverse" or "AI + Crypto," it could immediately attract investors and pump the price. Many projects even used CV techniques in their whitepapers, and code updates were infrequent—sometimes not updated for a year.

Now, the situation has reversed. Investors have become more rational, and capital's eyes are more discerning—people are starting to ask, "Are there real users? What practical problems are being solved?" Recently, I tracked several projects that illustrate this change. Some focusing on decentralized storage have already partnered with a number of small and medium-sized enterprises, genuinely helping them reduce storage costs and security risks; others working on smart contract automation have been effective in lowering the execution costs and risks for traditional companies. These projects with real application scenarios are growing slowly but steadily; in contrast, those purely based on hype are either crashing or disappearing altogether.

Therefore, judging whether a project can survive until the next bull market depends mainly on whether it truly solves market pain points.