Last bull market: We pursued value investing and good projects. Copycat frenzy, many truly good projects and superficially hyped "good projects" attracted more VC investments. As a result, in this bull market, copycat projects flooded the market, and more projects with elaborate whitepapers constructed by VCs and institutions appeared. High market caps and listings on exchanges are mostly sold to retail investors, with very few truly core projects. This also led to a surge in retail sentiment against VCs, with copycats receiving no takers, and everyone turning to meme projects to seek fair narratives. Now, the various meme narrative bubbles are gradually being pruned to reveal the truth. I believe that in the future, value investing will make a comeback, just with better filtering. These VCs and institutions lost money in this round, and in the next round, without truly practical and valuable projects, no one will want to buy in. So, junk projects are decreasing, and good projects can be directly identified!