Yili Hua: Crypto Market Disappoints Over the Past 4 Years, Mid-tier Investors, Retail Investors, and VCs Have All Been Harvested

AirdropBlackHole · 2026-03-27T13:01:17+00:00

Yili Hua, founder of Liquid Capital, highlights the ongoing bear phase in the cryptocurrency market, noting that significant recovery seems unlikely. He reflects on the past four years of disappointing events and questions the factors that might drive the next bull market.

AirdropBlackHole

2026-03-27 13:01:17

Abstract generation in progress

On March 27, Yili Hua, founder of Liquid Capital (formerly LD Capital), stated that the cryptocurrency market is currently in a bear phase and that the war is not over, with no significant rebound in sight. The past four years in the crypto space have been disappointing; the 1011 event harvested mid-tier crypto investors, the demise of altcoins harvested retail investors, and the 1+3 rule harvested crypto VCs. Meanwhile, exchanges, market makers, and project teams have been continuously drawing blood, with the only source of lifeblood being Wall Street’s ETFs and DAT, along with a few remaining believers. The anticipated disruptive innovation in crypto has yet to occur, raising questions about whether the next bull market will emerge simply due to the four-year cycle or for other reasons.

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