1️⃣ Widespread losses: Most investors lost money in the first half of this year, including many seasoned and well-capitalized participants. This was one of the most frustrating bull markets, leaving many unable to recover their investments.

2️⃣ False consensus: Traditionally, a significant bull market was expected around the BTC halving. However, BTC's massive rise happened last year and altcoins followed suit. When people predicted a market spike, it spelled the end, leaving those who switched to altcoins stranded without further profits.

3️⃣ Altcoin Volatility: Many altcoins are predicted to plummet to zero. Unlike previous bull markets, today's investment logic and consensus have changed, excluding many altcoins. This rapid development is outpacing many investors, leading to the collapse of the 'Shanzhai' consensus as internal revelations prevent further investment.

4️⃣ The collapse of the VC consensus: Respect and trust in venture capitalists (VCs) has decreased significantly. People's trust in VC's actions and predictions has weakened.

5️⃣ Rising startup challenges: Project teams face increasing difficulties in understanding future trends, community needs and market dynamics. Successful projects are becoming rarer and retail investors' trust in project teams is decreasing, creating a vicious cycle.

6️⃣ Crypto Dividends Are Decreasing: The promise of quick wealth and freedom in the crypto space is diminishing. Impatience and insecurity are spreading, with many people worried about their future after this bull market.

7️⃣Evolving Ideology: This market cycle requires an enhanced understanding and new perspective on the crypto space. Investors should avoid worry, discouragement, premature celebration and overconfidence.8. Unpredictable results: This cycle will challenge the long-term accumulation of many who have stayed in the game. Unexpected events can occur, testing the resilience of those who have achieved long-term success.