Empire analyst Jason Yanowitz pointed out that if you exclude the bitcoin buying behavior of Strategy (formerly MicroStrategy), the current cycle may still be early, and the current bitcoin price is completely dependent on the more than 20 billion dollars that Strategy has spent since the end of last year. The current market is still in the "pure player split" (PvP) stage, and VC funds have not yet entered the market on a large scale. Dan Matuszewski of CMS Holdings agrees. He points out that the bear market in 2022 is still ongoing. Market liquidity is largely lacking to generate substantial inflows, and there are currently no large-scale inflows except for a "select few". The debate over "whether to top" will intensify. But whatever the position of the cycle, we need to acknowledge that the new regulators are just getting started, and their policies may be the catalyst for the future.