If we choose the most representative word for this cryptocurrency cycle, it must be PVP. This word describes the zero sum game in the essence of the cryptocurrency industry to the extreme. External funds do not come or only buy Bitcoin. Mutual exchange of existing funds. Exchange project parties, VC KOLs, and retail investors are all betting on who will take over the deal, with each person making money while the other person is losing money. The most representative words of the previous cycle and the previous cycle should be defi and ICO.