Recently, if you casually scroll through X for five minutes, it's easy to draw a conclusion: we are back in a Bear Market. The price of BTC continues to fall, and altcoins are in constant decline, with retail investor sentiment nearly evaporated. The ultimate long positions narrative proposed by Su Zhu, which embodied the industry's imagination of "encryption assets breaking free from the constraints of cycles and achieving escape velocity" — the Supercycle — now seems more like a collective illusion.

However, the Supercycle has not ended. The real issue is that we have been misreading it all along. In the traditional narrative, the Supercycle is an eternal prosperity where "numbers always go up," a comprehensive embrace of encryption by traditional finance, allowing the market to break free from the four-year cycle of boom and bust. However, as more and more people directly deny this vision, we are instead seeing a deeper, more sober reality — the Supercycle has indeed begun, but it is radically different from what people once imagined. In fact, as encryption accelerates its integration into global finance, 90% of the assets in the market are also being ruthlessly revalued to nearly zero.