According to BlockBeats, on July 14, Arthur, founder of DeFiance Capital, posted on social media that he personally believed that July 14, 2023 marked the official end of the 2022-2023 bear market for the following reasons: 1. The worst of the macro tightening is over, CPI is down, and real interest rates are positive. It is possible to see a rate cut next year. 2. Since BlackRock applied for a Bitcoin ETF, institutions have continued to accept cryptocurrencies as an asset class. 3. If the SEC cannot win the case against the token (XRP) that is most likely to be defined as a security, then the possibility of other tokens being confirmed as securities is greatly weakened. 4. Most short-term speculators have left the market, and current holders may not sell in the short term except for some clear unlocking schedules. 5. The market is seriously under-allocated to non-BTC and ETH. There is a lot to do. 6. Hong Kong's policy of welcoming cryptocurrencies is real, which will open the door for Asian financial institutions to enter cryptocurrencies in a legal way.