On January 10, Ki Young Ju, CEO of CryptoQuant, said on his social platform, "The counterfeit products market is currently in a zero-sum PvP [player-to-player] game. Although the market value of Bitcoin has doubled, the total market value of counterfeit products is still below the previous all-time high. It is only rotating within the market without new capital inflows. Only a few counterfeit products with strong application scenarios and narratives will survive."