The current crypto market faces multiple challenges, including industry stagnation, a bubble economy, and a lack of liquidity. While the introduction of ETFs brings short-term benefits, it is not a long-term solution to the market's fundamental issues. Low liquidity in the primary market, overvaluation, and a lack of innovative narratives have made it difficult for capital to drive significant market growth. In this context, the market needs true innovation and breakthroughs to usher in a new bull market in the future.