According to Golden Finance, Empire analyst Jason Yanowitz pointed out that if Strategy (formerly MicroStrategy)’s Bitcoin purchase behavior is excluded, the current cycle may still be in its early stages. Currently, Bitcoin prices rely entirely on Strategy’s spending over $20 billion since the end of last year. The current market is still in the "pure player mutual cutting" (PvP) stage, and venture capital has not yet entered the market on a large scale. Dan Matuszewski of CMS Holdings agrees with this, pointing out that the impact of the bear market in 2022 is still continuing, and the market liquidity is basically lacking and cannot drive substantial capital inflows. At present, except for "a few selected targets", no large-scale capital inflows have occurred. . The debate over whether to reach the top will intensify. But no matter the cyclical position, we need to admit that the new regulator is just starting out and its policies may become a catalyst for the future.