Bitcoin and Ethereum took liquidity away from exchanges and the crypto circle, heading to the U.S. stock market through ETFs.

The current exchanges and crypto circle are left with only a group of scythes locked up at 80%, frantically cutting the few remaining leeks that have already been slashed to a bloody pulp, desperately hoping to break even.

This is not a bull or bear market, nor a cycle, but the end of an era—the era of the crypto circle is over, and those who still cannot face reality will eventually be abandoned by the times.