#加密市场行情走势 After reading Keegan's story, my biggest feeling is: this is what a bear market really looks like. It’s not sudden explosions or crashes, but a gradual erosion of confidence, funds being drained, and eventually even paying salaries becoming a problem.

Let me highlight a few key points, based on the pitfalls I’ve repeatedly encountered over the years:

**First, don’t be blinded by the highlights of a bull market.** A conference with over 200 attendees, a live stream watched by 10,000 people, and ecological endorsements—all these seem to point upward, but behind the scenes, the revenue-generating business line is bleeding, and that signal is very clear. Many projects meet their end this way: outwardly glamorous, but their accounts run dry.

**Second, the difficulty of fundraising is often severely underestimated by entrepreneurs.** They face repeated rejection, with investors all giving the same reason—"I’m afraid to invest." That’s the real truth. No matter how strong the team’s execution or how excellent the product, without money, there’s no time to wait for the market to rebound. The predicament Loois faced back then was quite typical: insufficient understanding of the DEX track, unimpressive user data, and a lack of team notoriety—any one of these in a bear market can be fatal.

**Third, how many teams will really make it through?** From tight funds → delayed salaries → members updating resumes → morale dropping—this is a standard death spiral. Don’t expect that “gritting your teeth and holding on” will change anything. When cash flow hits zero, all your grand plans are worthless.

So even if the market rises again now, I won’t be fooled. I always look at three things when evaluating projects: whether there is real cash flow, how much ammunition the founders still have, and whether the fundraising plan is reliable. These are what determine if a project can survive the next bear market. Loois’s story clearly shows that—even with the best technology and a strong team—funding issues can still be fatal. This is the harsh reality of Web3.