A while ago, I was chatting with an executive from an exchange.

He said: "It's really quite difficult to operate an exchange now."
In the past, everyone thought that exchanges were one of the most profitable businesses.

But after this cycle:
Contract business says it's getting harder to attract new users.
KOL advertising budgets have noticeably shrunk.
Project marketing investments are becoming more cautious.
Users are no longer as willing to jump in as before.

Suddenly, I remembered the last bear market.
Back then, just through publicity, airdrops, and content creation,
I could earn about 20k US dollars a month.
And now, the entire industry is talking about:
Cost reduction, efficiency improvement, and survival.

Many people think that making money in a bull market depends on ability.
But after experiencing several cycles, they realize:

The real factor that determines income,
is often which cycle you are in.

When the tide recedes,
everyone is fighting over operations.

When the tide rises,
even the air is full of opportunities.

The hardest part of a bear market isn't losing money.

It's that you clearly know how crazy this industry used to be,
yet you're still willing to stay at the table.

That might be what faith is.