In October 2020, the market was sideways for half a year, neither going up nor down, with a slight downward trend. The vigorous DeFi revolution stalled, and the massive emission of the Ponzi death spiral caused the mining coin to plummet by more than 95% in a month. Shorting DeFi coins has become the password for wealth. The Americans arrested the founder of bitmax, and Xu Mingxing was arrested in China. OK coins have become "happy beans" with a serious discount. The crypto bull market is far away, and the future of the industry cannot be seen.

In September 21, the market did not recover after the "519" tragedy, but many altcoins hit new lows in the process of slowly grinding the bottom. In August, the market found a new bright spot. L1s and chain games broke out, which made the long-dormant market pick up, but the withdrawal of domestic exchanges in September completely poured cold water on the market. Is there still a bull market? Is there still hope for encryption? Can domestic coin holders still speculate in coins? Mainland crypto investors cannot see the future.