According to online reports, Empire analyst Jason Yanowitz pointed out that if Strategy (formerly MicroStrategy)'s bitcoin purchases are excluded, the current cycle may still be in the early stages. The current bitcoin price is completely dependent on Strategy's more than US$20 billion spent since the end of last year. The current market is still in the "pure player segmentation"(PvP) stage, and venture capital funds have not yet entered the market on a large scale. Dan Matuszewski of CMS Holdings agreed with this. He pointed out that the impact of the bear market in 2022 is still continuing, and market liquidity is basically lacking and cannot drive substantial capital inflows. Currently, except for "a few selected targets", large-scale capital inflows have not yet occurred. The debate over "whether to reach the top" will intensify. But regardless of the position of the cycle, we need to acknowledge that the new regulatory layer is just getting started and its policies may become catalysts for the future.