Cryptocurrency analyst Lark Davis said on YouTube that 2025 will be the peak of the current cycle, and it is time to sell and leave. In response to this argument, he gives the following reasons: The global liquidity cycle is expected to peak in 2025 and then begin to decline. China's credit cycle is about a four-year cycle, and 2025 may be the peak period for Chinese credit. At present, short-term bonds offer higher yields than long-term bonds, but the yield curve is gradually returning to normal, which could signal a shift in the economic cycle. Therefore, he believes that there could be a major market disruption in 2025, followed by a bear market.