Bear markets are actually the best time to build real products—that's when you separate yourself from the noise. When projects keep shipping and innovating through downturns, they prove they're serious, not just riding hype.

The ATS team is a great example of this. They've been consistently delivering updates and pushing forward without pause, which is exactly what separates legitimate builders from platforms that only look good on paper.

As for proprietary trading firms, I'd bet we'll see some explosive growth stories come out of this space. The ones that nail the model early are going to dominate when the market turns. The infrastructure and talent are getting sharper every cycle.